As the likelihood of a hard Brexit rises daily, we’re starting to see some noteworthy moves by UK-based companies seeking to defend themselves from the disruption of losing free and unfettered access to European markets.
Dyson, the maker of expensive vacuum cleaners and the brainchild of prominent Brexiteer Sir James Dyson, has announced plans to move its HQ from the UK to Singapore, which signed a free trade deal with Europe in November.
And on Thursday, one of Europe’s biggest companies, plane manufacturer Airbus, said that it may move its operations out of the country if UK politicians fail to negotiate an orderly exit from the EU.
It’s a stark reminder that today’s economy is global. Companies value stability and predictability, and are perfectly capable of moving if they have to. As Airbus CEO Tom Enders put it in a note to staff, “Please don’t listen to the Brexiteers’ madness, which asserts that, because we have huge plants here, we will not move and we will always be here.”
You can count on death and taxes, but as the UK is discovering, you cannot count on businesses to stick around when chaos threatens.