Brexit update: Running down the clock, as companies flee the UK

Brexit update: Running down the clock | daryanblog

And already we have seen several worrying signs which shows the economy flat-lining. P&O for example has announced its re-flagging its ships under a Cypriot flag (Rule Britannia….Cyprus rules the waves?). Barclay’s is one of a number of banks to announce plans to move £166 billion and hundreds of jobs to Ireland, with others are planning to set up in Paris or Frankfurt. Dyson has moved to Singapore, which apparently is nothing to do with brexit (and if you believe that I’ve got some magic beans I can sell you). Meanwhile, the construction industry, which was just about recovering from the EU referendum result, is now reporting a decline in building projects due to uncertainty over brexit.

So far Germany seems to be winning the race to house bankers post-brexit

Now in any normal economic times any of these indicators would send waves of panic around Whitehall, but it would now appear that the UK government’s official motto seems to be “fuck business”. Which probably explains why up to a third of UK companies are actively considering relocating out of the UK post-brexit. Hell, we have the Norwegian government now advising students not to go to university in the UK.

But probably the biggest blow by far recently was Nissan announcing its u-turn, that they will not locate X-trail production at Sunderland. This is a huge blow, given the very public backing Nissan gave to brexit, thanks to a letter they received from Theresa May. While the current jobs are safe (for now!), the problem is that once a company stops investing in a factory, its not long after that when the job losses start.

via Brexit update: Running down the clock | daryanblog

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