Brexit – Muhasebe News

Ford plans to exit UK upon Brexit

MuhasebeNews — Wed, 13 Feb 2019 15:17:10 +0000

U.S based automotive company Ford informed UK Prime Minister Theresa May about Brexit, indicating that it would cause the company to withdraw from the UK.

The company is alleged to be searching for alternative locations throughout Europe to prevent itself from possible problems of Brexit.

Ford is already going through restructuring.

It aims to reduce costs by $14 billion.

The company employs 13,000 thousand people and has 2 plants in the UK.

The UK Government is planning on providing financial aid to companies that might be affected by a no-deal Brexit, May stated.

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UK reviews trade deals before Brexit

MuhasebeNews — Tue, 12 Feb 2019 14:52:48 +0000

Switzerland and the UK signed an agreement on Monday that will allow the countries to continue doing trade after Brexit.

Switzerland and the UK do business with each other that worth nearly £32 bn every year.

The UK is planning on renewing its nearly 40 trade deals with approximately 70 countries.

However, the UK has only agreed with 4 countries yet:

Switzerland, Chile, The Faroe Islands, and Eastern and Southern Africa

Barclays takes caution against Brexit

MuhasebeNews — Thu, 31 Jan 2019 14:37:23 +0000

British Bank Barclays decided to move part of its assets worth £170bn to Dublin to protect itself from a no-deal Brexit.

It is also planning on increasing its number of employees in Dublin from 150 to 300.

Ireland and the Netherlands are taking measures to prevent companies in the case of a no-deal Brexit.

The two countries aim to help clients get the same services from companies if Brexit happens without a trade agreement.

In the current state, companies are able to operate in other EU member countries without a restriction.

McDonalds and KFC are concerned over Brexit

MuhasebeNews — Tue, 29 Jan 2019 11:16:16 +0000

Fast food giants McDonalds and KFC are among the companies that are concerned about Brexit.

The two companies have submitted a letter to UK lawmakers on Monday, stating that a no-deal Brexit would cause companies to lower their standards.

The biggest supermarkets in the UK and British Retail Consortium also signed the letter.

Food suppliers stated that the new tariffs would have devastating effects on the farmers.

World-famous companies from various sectors have been stating their concerns about Brexit.

Automotive giant Ford have recently stated that Brexit would cost $800 million for the company in 2019.

Tech company Sony is planning on moving its legal base in Europe from London to Amsterdam because of Brexit uncertainty.

Financial services companies are moving $1 trillion worth assets outside the country.

Airbus and Ford are worried about a no-deal Brexit

MuhasebeNews — Fri, 25 Jan 2019 12:00:51 +0000

Airbus and Ford are concerned about a no-deal Brexit

Airbus CEO Tom Enders published a video on Thursday, stating a no-deal Brexit would affect their future investments.

Ford also expressed its concerns, saying a no-deal Brexit would cause $800m for the company in 2019.

A spokesperson from Ford stated that the main reasons for these concerns are the possible costs of new tariffs and depreciation of pound.

Each company has approximately 14.000 employees in the UK.

Other companies in the UK are also concerned about the uncertainty.

Sony stated on Wednesday that it would carry its legal base in Europe from London to Amsterdam.

UK faces employee crisis since Brexit

MuhasebeNews — Thu, 03 Jan 2019 07:00:06 +0000

The UK’s manufacturing sector faces the biggest crisis in finding qualified workers since 1989.

The level of employment and the number of employees coming from EU member countries decreased drastically following Brexit vote.

British Chambers of Commerce (BCC) declared that more than four-fifths of manufacturing firms had difficulty in finding qualified employees.

A survey taken by the lobby featuring more than 6,000 employers throughout the country brought out that 81% of manufacturing firms and 70% of service firms struggle in finding employees who have the required qualifications and experience.

UK car industry and Airbus support PM’s Brexit deal

MuhasebeNews — Fri, 30 Nov 2018 09:30:53 +0000

The automotive industry and Airbus have offered support to Brexit deal, warning that the “cliff-edge” no-deal alternative would be much worse for the UK.

Airbus, has previously warned it would be forced to reconsider its investment in Britain in the event of withdrawal without an agreement.

The company directly employs 14,000 people in the UK.

The UK head of Airbus Katherine Bennett stated “If the withdrawal agreement is successful in some form or another then Airbus would consider continuing to invest as the company has done over many years.”

Paul Everitt, the chief executive of the aerospace and defence trade body ADS, said Airbus was not the only firm to have frozen investment in the UK due to uncertainty about the future EU relationship.

The chief executive of the Association of the British Pharmaceutical Industry (ABPI) Mike Thompson said that the drugmakers were working with the government on how to secure the supply of ingredients from abroad.

The Society of Motor Manufacturers and Traders (SMMT), the trade body for a sector that supports 800,000 jobs, also backed the prime minister.

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Bank of England has concerns about Brexit

MuhasebeNews — Fri, 30 Nov 2018 06:00:32 +0000

The central bank has warned that exiting the EU without a deal could trigger a more damaging recession for the UK economy than the 2008 financial crisis.

According to Bank’s analysis, GDP could fall by as much as 8% next year, house prices could fall by 30% and the unemployment rate could increase from its current level of 4.1% to about 7.5%, while interest rates could be forced to rise as inflation increased to 6.5%.

In contrast, the Bank also stated that Brexit deal also has the potential to encourage a boost in economic growth over the next five years, if Britain maintains the closest possible trading ties with the EU.

However, all possible outcomes are still worse than if Britain had voted to stay in the EU two years ago, with the Bank estimating that GDP starts all of its scenarios about 1% lower than it would had there been a vote for remain.

The cost of Brexit

MuhasebeNews — Wed, 28 Nov 2018 09:30:38 +0000

The Brexit deal is expected to cost the UK economy as much as £100bn over the next decade compared with remaining in the EU.

An analysis has been made by National Institute of Economic and Social Research.

It suggested that by 2030, Britain would lose GDP growth equivalent to the annual economic output of Wales.

The study found GDP over the long term was forecast to be about 4% less than it would have been had the UK stayed in the EU.

National Institute of Economic and Social Research said the cost to the economy of Brexit would be the equivalent of losing about £1,000 a year for every person in the UK.

The director of macroeconomic modelling and forecasting at the institution Garry Young said: “Leaving the EU will make it more costly for the UK to trade with a large market on our doorstep and inevitably will have economic costs.”

Brexit approved!

MuhasebeNews — Tue, 27 Nov 2018 06:30:37 +0000

EU leaders approved Brexit!

Leaders indicated that this is the ‘best and only possible deal’.

Theresa May stated that the deal includes compromises but it is a “good deal that unlocks a bright future for the UK”.

AB leaders approved two important Brexit documents:

-The EU withdrawal agreement: a 599-page, legally binding document setting out the terms of the UK’s exit from the EU.

It covers the UK’s £39bn “divorce bill”.

-Political declaration: which sets out what the UK and EU’s relationship may be like after Brexit – outlining how things like UK-EU trade and security will work

What happens next?

May has to convince the UK Parliament.

The meeting is expected to take place on 12 December.

If MPs reject the deal, a number of things could happen – including leaving with no deal or a general election.