How did 10 international companies warn UK of a “break side” flop?

0
348

Only 10 days after UK broke out of European Union’s umbrella, British politicians did not reach a formula for this step, after parliamentarians rejected agreement reached by Prime Minister with leaders of EU for the fourth time, to increase frustration among business leaders & companies globally. London is the largest financial center in Europe & the headquarters of major companies operating globally in various fields.

However, How 10 of the world’s largest politicians warned of the risks of blurring that Brickset?

  • Siemens German:
A senior Siemens executive said chaos caused by Britain’s exit from EU was destroying United Kingdom’s reputation as a place to do business.
“That’s enough, we’re all out of patience,” said Jurgen Meyer, chief executive of Siemens in UK
He told British legislators that he finds it difficult to make balanced investment decisions, which in turn affect both UK jobs & competitiveness. Siemens employs 15,000 people & annual sales of about 5 billion pounds ($ 6.6 billion) in Britain.
  • EasyJet:

The company warned on Monday that continued uncertainty about Britain’s exit from EU reduces demand for flights in Europe. The pain may continue during important summer season, she said.

EasyJet said state of confusion contributed to a massive loss of 275 million pounds ($ 359 million) in six months ended March 31.

  • Citigroup:

CEO Michael Corbath told Bloomberg in January he would have to move European assets from London if banks in Britain lost ability to sell their services in Europe.

Financial services companies have announced plans to transfer £ 1 trillion (£ 1.3 trillion) in assets to EU, according to Ernst & Young, and about 7,000 jobs are expected to be transferred.

  • Airbus:

Tom Enders, company’s chief executive, said in January that an unregulated EU secession would redirect company’s future investments away from Britain.

Airbus has 14,000 employees in Britain & says it can not guarantee survival of its plants.

  • McDonald’s America:

Fast-food chain joined Kentucky, UK’s Britt & UK supermarkets, which warned in January that exit from EU would lead to major disruptions in its supply chains.

  • Sony Japanese:

Japan’s technology company said last month it would relocate its operations in Europe to Amsterdam, from London. Because of foggy departure of Britain from EU.

A decision similar to that taken by Panasonic in October 2018 to move its European base from UK to Netherlands.

  • Japanese Nissan:

In early February, Nissan changed plans to build X-Trail at its plant in English city of Sunderland, choosing instead to manufacture a SUV in Japan.

In March, Nissan announced that it would stop building Infinite models at plant but denied that decision was tied to Brexit.

  • Ford American:
US automaker warned in January that Britain’s exit from informal EU would cost $ 800 million in 2019. The estimate reflects cost of new fees & expectations that value of pound will fall.
  • BMW German

German automaker, which manufactures a famous minivan at a plant near Oxford, said chaotic departure of Britain from EU could stop its factories.

Car manufacturers, who rely on complex global supply chains, worry that Britain’s exit from EU will lead to trade barriers & border delays, putting future of industry at stake.

“If we do not have a customs union, sectors of UK manufacturing community are at risk of extinction,” said Paul Dreisler, president of British Industry Association, in June 2018.
UK auto industry employs 186,000 people.
  • Schaefer Technology Group of Germany:
German engineering group, which specializes in manufacture of parliament, announced in November 2018 that it would shut down manufacturers in UK due to vagueness of Britain’s exit from EU as a key factor in its decision to close a plant in Lanneli, Wales and Plymouth.

Brexit Explained

On June 23rd, 2016, an entire country headed into the unknown when 17.4 million people in the United Kingdom voted to become the first country to leave the European Union. This is the story of Brexit.

LEAVE A REPLY

Please enter your comment!
Please enter your name here