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London’s Major Companies to Leave Capital if UK Opts for Brexit - Reports
London’s Major Companies to Leave Capital if UK Opts for Brexit - Reports
Sputnik International
London's biggest companies warn they will have to quit the capital if the United Kingdom leaves the European Union, as EU trading restrictions would harm their... 13.06.2015, Sputnik International
2015-06-13T23:48+0000
2015-06-13T23:48+0000
2023-02-09T11:47+0000
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London’s Major Companies to Leave Capital if UK Opts for Brexit - Reports
23:48 GMT 13.06.2015 (Updated: 11:47 GMT 09.02.2023) London's biggest companies warn they will have to quit the capital if the United Kingdom leaves the European Union, as EU trading restrictions would harm their business in case of Brexit, The Sunday Times reports.
MOSCOW (Sputnik) – A number of London’s largest companies told The Sunday Times on condition of anonymity that they have already set up committees to prepare for relocation in case the majority of British people votes in favor of leaving the European Union.
"We would move to Luxembourg," an anonymous source at a London fund told the newspaper on Sunday, adding that some senior managers could be kept in the capital, "but most people would have to be relocated."
The fund managers explained that Brexit would limit their ability to sell investment products, as the European Union requires that a company have headquarters in a member state in order for such trading to take place with the economic bloc.
British Prime Minister David Cameron has pledged to hold a referendum on the United Kingdom’s EU membership by the end of 2017.
The prime minister, who has repeatedly said that Britain should stay in the bloc on renegotiated terms, is seeking to revise UK relations with the European Union ahead of the referendum, pushing Brussels to reform the system of contributions to the bloc's budget and to grant greater powers over migration control to member-state governments.
