Ok, it's high time to look at the REAL effects of Brexit. As the Tories implode & Labour sits on its hands, companies are executing contingency plans, shifting jobs & assets, slashing investments, or redomiciling (accounting exercise). Happening NOW, not in a fantasy future. 1/95

Barden Corporation is closing down its Plymouth factory after 51 years, putting 400 jobs at risk, as its parent company Schaeffler shifts production to various sites outside the UK due to Brexit. 2/95
8 health providers have warned of medicine shortages in the event of a no-deal Brexit: "we do not believe that the current medicine supply plans will suffice, and we will have widespread shortages if we do not respond urgently." 3/95
Pfizer - $100 million on Brexit prep: "Pfizer’s preparations are well advanced to make the changes necessary to meet EU legal requirements after the U.K. is no longer a member state, especially in the regulatory, manufacturing and supply chain areas." 4/95
The Government has spent £4.2 billion pounds on Brexit preparations (£2.2 billion in previous Budgets, plus an additional £2 billion in the most recent Budget.) 5/95
HSBC announced in its 2017 annual report that it had incurred $28 million of "costs associated with the UK’s exit from the EU". 6/95
Chubb (world's largest publicly traded property and casualty insurance company) is redomiciling from the UK to France. It has already received permission from the french regulator, and aims to complete its move on 1 January 2019. 7/95
Schaeffler, a car parts company, is closing its factory in Llanelli, Wales, because of Brexit, affecting 220 jobs. The factory opened in 1957. The decision was described in the Welsh Assembly as "the tremor that will lead to the Brexit earthquake". 8/95
Columbia Threadneedle switched £6.2 billion worth of assets from UK domiciled funds to Luxembourg domiciled funds. 9/95
Standard Life reported having incurred £12 million of "Brexit related costs" in its 2018 half-year results report. 10/95
Lloyd's of London (company with 15% of business done with EU27 counterparts) officially opened Lloyd's Brussels, its post-Brexit EU headquarters, in early November 2018. The new operation has 50 staff, and plans to service customers across the EU27. 11/95
A ferry company has brought in 2 new ships, including the "Brexit Buster" ship Celine (600 truck capacity, world's largest short sea roll-on roll-off ferry). Idea is to bypass the UK and send freight directly from Ireland to Belgium and Spain. 12/95
The annual cost to the NHS of securing all necessary visas and other documentation for its overseas staff post-Brexit (i.e. under the new immigration regime) is estimated at £490 million. 13/95
SwissQuote cancelled its expansion plans in London after Brexit, and instead bought a bank in Luxembourg. Chief Executive: "With the coming Brexit we needed to have strategic options and Luxembourg is a very good place for these." 14/95
Haulage companies face a lottery for scarce permits to continue doing business internationally post-Brexit, after the Government admits there are less than 10% of the needed number of permits to go around. 15/95
Bank of America has spent between $300 and $400 million preparing for Brexit, including establishing new subsidiaries in Paris and Dublin, moving staff etc. Final cost not yet clear as project is ongoing. 16/95
Brexit is killing a crucial source of early-stage tech funding: "Funding for UK tech firms by the European Investment Fund (EIF) fell by 91 per cent during 2017 to €61.1m (£53m) compared with €708.8m the previous year." 17/95
DEXEU (the Brexit Ministry) has spent over £100 million (estimated) on staffing costs since the referendum. That figure's just for the people in the department, and doesn't account for any other costs... 18/95
Insurer Hiscox spent US$15 million (£11.5 million) in preparations against a no-deal Brexit. 19/95
A $15 billion hedge fund specialising in distressed debt is gearing up to profit out of Brexit chaos. (You just *knew* the vultures would be circling...) 20/95
The Government estimates that it will cost the chemicals industry £450 million to reregister chemicals under a post-Brexit regime. (That's just to replicate the status quo.) 21/95
So many firms are stockpiling food against the disruption of Brexit that a specialist cold storage company has now completely run out of room...
https://t.co/WDx2dxwA51 22/95
Recardio is halting clinical trials in the UK of a new heart drug because of concerns over Brexit, and drug approval regimes. 23/95
Sir Jim Ratcliffe, the UK's richest person (and a Brexit supporter) decided to leave the UK for Monaco in mid-2018. 24/95
Scotland Yard is having to spend £2.4 million on setting up a no-deal Brexit "safety net unit" after Government ignored its reasoned warnings over how Brexit would make the UK less safe. 25/95
European Medical Agency (EMA), Europe's medicines regulator, is moving from London to Amsterdam. It used to employ close to 900 people in London. It's had to cut its short-term service offering as it will lose at least 30% of staff during the move. 26/95
HSBC is transferring legal ownership of its Polish and Irish subsidiaries from the UK to its French unit. 27/95
The Government has 7000 civil servants working on Brexit, plus Treasury funding for 9000 more. (Easy to imagine the mountains of red tape - and paper - they're generating as a result!) 28/95
New Look (fashion retailer) are closing a further 25 stores (85, up from planned 60 store closures) citing "significant headwinds and uncertainties, including Brexit". 29/95
Investment in UK renewables fell 46% year-on-year because of Brexit concerns. 30/95
Deutsche Bank moved about half its new euro swaps business away from LCH (UK-based clearing house) and onto Eurex (based in Germany) in August 2018. 31/95
Broadcasters have begun to move licenses to EU27 countries, since channels licensed in the UK will no longer have the right to broadcast cross-EU after Brexit. Viacom and Viceland have secured licenses in the Netherlands. 32/95
GSK Brexit prep spend: "We currently anticipate that the cost to implement these and other necessary changes could be up to £70 million over the next two to three years, with subsequent ongoing additional costs of approximately £50 million per year." 33/95
Barclays is moving €250 billion of business to Dublin ahead of Brexit, making it Ireland's largest bank. It has already secured a huge gleaming new office building there in preparation. 34/95
Home Office private beta of EU citizen registration system took 2 weeks to process just 1,053 people (despite testing relatively "easy" batches of applicants). Full system will have to work 36x faster to cope with *3 million* people in 3 years. 35/95
Standard Chartered has applied to turn its Frankfurt branch into its EU subsidiary. It initially expected to move 20 jobs, but recently announced that more would go. 36/95
The Customs Declaration Service (CDS) is a major new HMRC IT system meant to replace existing customs systems. Supposed to be ready by January 2019. Delays mean it won't be ready by Brexit Day. Old and new systems will have to run in parallel. 37/95
Daiwa Capital Markets established a new subsidiary in Frankfurt on 3rd September 2018 "so that Daiwa can continue to provide a full service to its EU-based clients post-Brexit." 38/95
Steris PLC, a company with $2.6 billion in annual revenue, has redomiciled its HQ from the UK to Ireland due to Brexit. 39/95
Veterinary drugs producer Dechra Pharmaceuticals decided to move ahead with its contingency plans for a hard Brexit in September 2018, at a cost of £2 million. 40/95
A major financial firm, CME Group's BrokerTec, is leaving London for Amsterdam because of Brexit, taking its $240 billion/day repo market with it. 41/95
Marshall Wace, one of the biggest hedge funds in the UK, has obtained a license to run management companies in Ireland & plans to grow its Dublin presence as a protective measure against Brexit. (Its chairman and CEO donated £100,000 to Leave) 42/95
Hiscox are transferring some aspects of their business to Luxembourg, and expect the Part VII transfer to complete by 1 January 2019. "The Transfer will move £421.5m of liabilities (and the corresponding assets) from HIC to HSA." 43/95
Panasonic is moving its European HQ from the UK to Amsterdam (the legal aspects of the move were completed in October 2018, as the £200 million capitalised UK company was absorbed by Panasonic's Dutch entity). 44/95
Volex PLC is looking for new arrangements for approx $7 million in sales: "We have already begun looking for an alternate dock on mainland Europe to take delivery of the half of sales destined for EU end customers." 45/95
AstraZenica estimates its Brexit-related costs at £40 million for duplicate drug testing requirements, and building up product stockpiles. 46/95
The London Stock Exchange is implementing its hard Brexit contingency plans: "These contingency plans include incorporation of new entities in the EU27 and applications for authorisation within the EU27 for certain group businesses." 47/95
MS Amlin receives the green light to redomicile Amlin Insurance SE from the UK to Belgium. 48/95
Once we're out of the EU, we'll be cut out of the pan-EU transport strategy (which unlocks billions of euro in grants and other funding). Indeed, EU transport maps will be redrawn (policy-wise, not literally!) so that the UK doesn't appear any more. 49/95
The latest September 26 version of the UK Government's OFFICIAL list of remaining "Brexit Unknowns" runs to 63 pages. (That's despite the fact that its very first assumption is that we will get a Withdrawal Agreement.) 50/95
Halford Group Plc stated in its FY19 interim results that: "The weaker pound since the Brexit vote has increased our cost of sales by a cumulative circa £40m by the end of FY18 compared to FY16." 51/95
A new work order for the "Galileo Control Segment" ground infrastructure monitoring the Galileo constellation of satellites was won by GMV Aerospace and Defence of Spain. Up until now, GCS had been provided by Airbus in Portsmouth. 52/95
UK companies with a .eu domain name will no longer be eligible to renew them after Brexit, nor will they be entitled to register new .eu domains. This affects an estimated 300,000 domain registrations. 53/95
The Financial Conduct Authority (FCA) says in its 2018/19 business plan that they "have identified total EU withdrawal demand [costs] of around £30m", and that part of that will have to be funded by raising the fees they charge firms. 54/95
France's top banks are moving 500 jobs out of London due to Brexit. 55/95
Markel Corporation announced in July 2018 that it had been granted a license to establish an insurance company in Germany so as to be able to continue servicing EEA clients after Brexit. 56/95
GoldCore opened Ireland's first institutional-grade gold storage vault in October 2018, anticipating that investors will move gold bars from London to Dublin due to Brexit. The firm's initial target is 0.5% of the $300 billion of gold held in London. 57/95
The UK Government spent £700,000 on the tables and chairs for an office in Leeds being set up to deal with Brexit. The office will be fully kitted out by the beginning of December, and 1,000 staff dealing with Brexit issues will be based there. 58/95
The DHSC wrote to hospitals re potential shortages of imported foods under no-deal Brexit: "Instructions will be given to major producers of patient meals to put in place contingency arrangements, to account for short supply of certain ingredients." 59/95
In October 2018, the CEO of Mercedez-Benz revealed to Paris motor show attendees that the company had been investigating the prospect of building cars in the UK, but killed the project after Brexit. 60/95
Liberty Specialty Markets is redomiciling its insurance company from the UK to Luxembourg 61/95
The European Banking Agency (EBA) - the banking regulator for the EU - moved its operations from London to Paris, affecting 160 staff. 62/95
JPMorgan and other leading US banks are getting ready to shift over 250 billion euro in assets from London to Frankfurt. 63/95

More from Edwin Hayward

More from Politics

You May Also Like


It was Ved Vyas who edited the eighteen thousand shlokas of Bhagwat. This book destroys all your sins. It has twelve parts which are like kalpvraksh.

In the first skandh, the importance of Vedvyas

and characters of Pandavas are described by the dialogues between Suutji and Shaunakji. Then there is the story of Parikshit.
Next there is a Brahm Narad dialogue describing the avtaar of Bhagwan. Then the characteristics of Puraan are mentioned.

It also discusses the evolution of universe.(
https://t.co/2aK1AZSC79 )

Next is the portrayal of Vidur and his dialogue with Maitreyji. Then there is a mention of Creation of universe by Brahma and the preachings of Sankhya by Kapil Muni.

In the next section we find the portrayal of Sati, Dhruv, Pruthu, and the story of ancient King, Bahirshi.
In the next section we find the character of King Priyavrat and his sons, different types of loks in this universe, and description of Narak. ( https://t.co/gmDTkLktKS )

In the sixth part we find the portrayal of Ajaamil ( https://t.co/LdVSSNspa2 ), Daksh and the birth of Marudgans( https://t.co/tecNidVckj )

In the seventh section we find the story of Prahlad and the description of Varnashram dharma. This section is based on karma vaasna.