Brexit: despatches from the downside – No 24 01/03/2024
In this week's Brexit downsides, extra food labelling costing up to £250mn, a huge drop in overseas students, veterinary shortages in NI, and more.
SHAREHOLDERS in travel giant Tui have voted unanimously in favour of the company ditching its listing on the London Stock Exchange. / Tui, which is currently dual-listed in London and Frankfurt, announced last night that investors had voted by a large majority (98.35%) to quit the UK capital.
Divergence in EU and UK rules since Brexit challenging fintechs, says Paysafe compliance boss 12/02/2024
There is a “growing dissonance” between the ways financial technology (fintech) businesses are regulated in the EU and the UK, according to the compliance boss of Paysafe, a payment services firm.
Aberdeen-headquartered TRAC International has said Brexit and inflation have led to heavy group losses led by its radio division.
MPs have branded a post-Brexit shake-up aimed at boosting growth in the financial sector a "damp squib". / The Treasury Committee said since the "Edinburgh Reforms" package was set out, there has been little progress.
As Brexit has created tough challenges for UK craft beer producers exporting to Europe, British companies have set up home in the mountains.
Wealth managers seeking new bases from which to serve European clients have landed on Luxembourg, with the Grand Duchy seen as a natural successor to London.
The company first began operations in Belgium in 2021 due to what it calls the "challenges of Brexit" around shipping equipment to EU countries.
The government has quietly admitted Singapore-on-Thames is dead.
More than 3,000 staff have either relocated or had new jobs created in the Grand Duchy due to Brexit, according to Finance for Luxembourg.
The success of Paris in luring banks from London after Brexit has exceeded expectations and is increasingly reflected in France’s balance of payments, the central bank said.
The shift of banking activities to Paris from London after Brexit is starting to have a measurable impact on France’s trade in financial services, and the dynamic is likely accelerate, according to the country’s central bank.
Soaring energy costs and the continued fallout from the United Kingdom’s decision to leave the European Union have had a major impact on that country’s private/hybrid cloud data center outsourcing market.
‘Brexit is materially restricting our growth now,’ manufacturer Farrat says. / Manchester — Sick of customs delays and extra bureaucracy since Britain left the EU, Farrat, a small manufacturer on the edge of Manchester, is ramping up investment to compensate — in Germany.
Sick of customs delays and extra bureaucracy since Britain left the European Union, Farrat, a small manufacturer on the edge of Manchester, is ramping up investment to compensate - in Germany.
Brexit has been an “economic disaster” for trade and investment ties between the United Kingdom and Germany, leading to a fall in German direct investment and seeing the UK decline in importance as a trading partner, German economists said.
Maroš Šefčovič says he does not want to put existing deal ‘in the shredder’. / The EU’s Brexit chief has ruled out renegotiating Britain’s trade deal until 2026, dashing hopes it could be improved and prevent businesses fleeing the UK.
Around 300 jobs at risk at Luton SKF factory as bearings manufacturer moves production to Europe 31/05/2023
About 300 jobs have been put at risk after a manufacturing firm announced plans to move production from the UK to Europe. / SKF has revealed plans to shut its plant in Luton and relocate manufacturing to its facility in Poznan in Poland.
The ECB has met with banks in recent weeks, who have now been told which staff need to move over the next few years to meet new Brexit rules.
British seeking ‘foothold’ in EU single market to ease red tape burden.
Goldman Sachs bolstered the number of staff working in the European Union by 21% last year, as Brexit continues to reshape banks' operations on the continent.
Speaking to Sky News, a former British ambassador to Japan noted the impact of Brexit, saying many companies are maintaining a presence in the UK, but moving the bulk of their operations to Europe. / Asked about the former ambassador's assertion, Labour's shadow environment secretary Jim McMahon told Kay Burley: "To some degree, it's a natural consequence of leaving the single market."
Barclays PLC is planning to hire 200 new traders in Paris in a fresh blow to the Square Mile in the wake of Brexit.
Stellantis warned post-Brexit trading arrangements risk its operations in the country. / “If the cost of EV manufacturing in the U.K. becomes uncompetitive and unsustainable, operations will close,” it said. / Rules of Origin requirements on batteries and EVs are due to be scaled up in coming years, with automakers facing 10% export tariffs.
The future of electric vehicle production in the UK is under threat unless the Government reworks the Brexit deal, Vauxhall parent Stellantis has warned.