How companies are reacting to Brexit

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How companies are reacting to Brexit

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With Britain facing a delayed Brexit and an uncompromising Parliamentary impasse, ongoing uncertainty around corporate tax regulations and multinational trade agreements post-Brexit has led many firms to transfer operations away from the U.K. We take a look at how some companies are reacting to the news of Brexit and the possibility of leaving without a deal.

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Nissan (manufacturing)

On February 3, 2019, Japanese car manufacturer Nissan confirmed it would drop plans to build the new model of one of its flagship X-Trail SUV cars at its Sunderland, England production centre. Europe division boss Gianluca de Ficchy cited Brexit uncertainty as a factor in the decision to move production of the vehicle to Japan.

(Pictured) Employees exit the Nissan factory in Sunderland, England on February 13, 2019.

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Aviva (insurance)

Aviva, Britain's second largest insurance firm, received High Court approval in February 2019 to transfer around £9 billion ($11.8 billion) in assets to Dublin, Ireland. The transfer is scheduled for 2259 GMT on March 29, 2019.

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Dyson (manufacturing)

In January 2019, British manufacturing firm Dyson announced the relocation of its headquarters to Singapore. The move follows an October 2018 announcement to manufacture its new electric cars in Singapore, and is politically significant given founder Sir James Dyson's well-known support of Brexit.

(Pictured) Founder Sir James Dyson with a selection of his company's products.

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Panasonic (electronics)

In August 2018, Japanese firm Panasonic revealed that the headquarters of their European operations would be moved from Bracknell, England, to Amsterdam, Netherlands, in October of the same year. The reasons behind the move related to uncertainty over corporate tax regulations following Brexit.

(Pictured) Laurent Abadie, Chairman and CEO of Panasonic Europe.

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Jaguar Land Rover (manufacturing)

British automotive company Jaguar Land Rover shut down production for an extra week across their U.K. factories in April 2019, which was planned to follow the initial Brexit deadline of March 29, 2019. The reason behind the decision to extend an already planned closure was to mitigate against any disruptive effects of the U.K. leaving the EU in March.

(Pictured) The Jaguar Land Rover factory in Solihull, England.

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Lloyd's (insurance)

In November 2018, global insurance and reinsurance market Lloyd's opened its new EU subsidiary in Brussels, Belgium, in preparation for the U.K.'s withdrawal from the EU. The company has moved some staff and functions from its headquarters in London, England, in order to better serve European clients post-Brexit.

(Pictured) The Lloyd's building in London where some 600 staff are employed.

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Airbus (manufacturing)

Aerospace manufacturing firm Airbus, which is headquarted in France and employs 14,000 people in the U.K., has warned it could move production elsewhere in the event of a no-deal Brexit. Senior vice President Katherine Bennett in February 2019 stated "There is no such thing as a managed ‘no deal’, it’s absolutely catastrophic for us"; adding the firm had spent 'tens of millions of euros' already on Brexit preparations.

(Pictured) Airbus CEO Tom Enders addresses staff at the Airbus factory in Broughton, Wales.

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Sony (electronics)

The Japanese electronics firm plans to move its European headquarters from the U.K. to the Netherlands in order to avoid customs issues post-Brexit. The company has said U.K. staff and operations will not be transferred.

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JPMorgan (financial services)

The American banking firm joins Goldman Sachs and Morgan Stanley in converting operations in Frankfurt, Germany, into their EU headquarters. The move is expected to have a significant impact on American financial investment in the U.K. and accompanies the firm's plans to move several dozen staff out of the U.K. in the lead up to Brexit.

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JD Wetherspoon (food and beverage)

British pub company JD Wetherspoon has reacted to an impending Brexit by cutting European drinks items from its menu. Throughout 2018 and 2019, European beers, wines and spirits have been replaced with their corresponding British or non-EU counterparts. The pro-Brexit firm have said that doing so will reduce consumer prices across their pubs due to lower international tariffs on such items.

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Barclays (financial services)

British banking firm Barclays are shifting ownership of all European branches from the U.K. to Dublin, Ireland. The move will see a transfer of around £218 billion ($284 billion), making Barclays Ireland's largest bank by assets.

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Michelin and Schaeffler (manufacturing)

German car parts supplier Schaeffler announced plans to close two U.K. factories, ahead of Brexit, in November 2018. Closing plants in Llanelli, Wales, and Plymouth, England, is expected to cut around 570 jobs. The announcement comes alongside French tyre maker Michelin's decision to close its factory in Dundee, Scotland, which employs 845 people. However, the company cited falling demand for smaller tyres.

Credit Suisse (financial services)

The Swiss bank has chosen locations in Madrid, Spain; Frankfurt, Germany; and Paris, France; as key post-Brexit centres. This includes moving traders, assets and other resources away from the U.K. ahead of its departure from the EU.

Ford (manufacturing)

American automotive manufacturer Ford has stated it could lose up to £613 million ($800 million) in the event of a no-deal Brexit. With around 13,000 employees in the U.K., the company believe World Trade Organisation tariffs and a weakening of the pound could lead to significant losses and potential redundancies following a hard Brexit. In February 2019, The Times reported that Ford was preparing alternative production centres outside Britain in response to Brexit.

Columbia Threadneedle (financial services)

Columbia Threadneedle Investments announced plans to transfer assets of it's European clients from U.K.-domiciled funds to equivalent Luxembourg funds in May 2018. The decision is based around providing clients with certainty ahead of the U.K.'s departure from the EU.

(Pictured) Mark Burgess, Chief Investment Officer (CIO), EMEA and deputy group CIO.

CME Group (financial services)

BrokerTec, CME Group's substantial European market for short-term financing (and the largest in Europe), is moving operations from London to Amsterdam, alongside various trading divisions of the firm. The decision comes as a safeguard in the event of a no-deal Brexit.

Chubb European Group (insurance)

In September 2017, Chubb announced plans to relocate it's European headquarters from London to Paris, and officially completed the move on Jan. 1, 2019. Evan Greenberg, Chairman and CEO of Chubb Limited (pictured), cited significant financial and human resource investment, and a large existing business portfolio in France, as the main drivers behind the choice of relocation.

Bank of America (financial services)

In December 2018, Bank of America completed the move of its European operations hub from London, England to Dublin, Ireland in preparation for Brexit. The transfer will see a relocation of up to 125 jobs out of the U.K., with a potential increase depending on the result of Britain’s negotiations with the EU.