NYT: Business leaving Britain - 'Brexit has already happened'
From Tech, Banks, to Retail and Autos, business is canning UK investment and moving to the EU. Britain voted for ‘leave’. They’ve got it.
For Many British Businesses, Brexit Has Already Happened
LONDON — In the political realm, no one knows how Brexit’s long-running theater of the absurd will end. But for much of the business world, Britain’s departure from the European Union has effectively happened. (snip)
Global banks and other financial services companies are steadily shifting thousands of jobs and more than $1 trillion in assets to European cities to ensure that they are able to serve customers across the English Channel regardless of the rules that national regulators impose after Brexit. (snip)
“Multinational companies came here with a clear understanding that Britain would offer a stable place to do business in exchange for access to the European Union,” said Peter Dixon, a global financial economist at Commerzbank AG in London. “The Brits have reneged on that contract. It’s destroyed, if you like, the sense that Britain is such a great place to do business. It’s a credibility hit. It’s a deep wound.” (snip)
“The big worry is investment,” said Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders, an industry trade group. “Investors are just waiting to see, is it worth continuing to commit to the U.K. automotive industry?”
https://www.nytimes.com/2019/04/01/business/british-business-brexit.html
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