As many companies and corporations looks for solutions following Brexit – most involving leaving Britain behind in favor of greener pastures – BMW and Amazon are taking a different stance.
Yesterday, Amazon announced it will expand its new London office, aiming to boost the growth of its European Prime Video service. On the same day, BMW announced it will produce electric version of Mini compact car in United Kingdom. BMW chose the UK location over Germany and the Netherlands.
Needless to say, these companies’ decisions are expected to be much appreciated by Prime Minister Theresa May and her government. Many banks and other businesses have taken steps suggesting they are getting ready to abandon GB once the Brexit is completed. Deutsche Bank said this month it was moving capital and staff to Frankfurt and EasyJet announced a new airline which is based in Vienna – aimed to help the company maintain its EU routes.
The greatest concern for companies operating in the UK is that May would fail reaching a permanent trade agreement with the EU. The result could be that products will be subjected to tariffs on many imported components.
Other tech companies that kept their London expansion plans regardless of the Brexit include Google, Facebook and Snap.
Will May manage to strike a deal with the EU before time runs out and what impact will the Brexit have on UK economy? Stay informed and follow market events.