Share this page!

Edwin Hayward 🦄 🗡 Profile picture
Twitter logo
Nov 11, 2018 • 54 tweets • 22 min read
Ok, it's high time to look at the REAL effects of Brexit 1/50
#marr #ridge #pienaar #bbcsp #bbcnews #BBCPolitics #C4News #itvnews #skynews #5news #bbcr4today #gmb #goodmorningbritain #r4today #bbcbreakfast #victorialive #politicslive #LBC #bbcpapers #skypapers #peston #Newsnight
Steris PLC, a company with $2.6 billion in annual revenue, is planning to redomicile from the UK to Ireland due to Brexit. What that means is that, as an Irish company, the Irish tax authorities will collect its taxes going forward and not HMRC. 2/50
seekingalpha.com/filing/4225572
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." 3/50
…33r3krz5b97d1-wpengine.netdna-ssl.com/wp-content/upl…
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." 4/50
investors.pfizer.com/financials/sec…
AstraZenica estimates its Brexit-related costs at £40 million for duplicate drug testing requirements, and building up product stockpiles. 5/50
fiercepharma.com/astrazeneca-br…
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. 6/50
chubb.com/uk-en/brexit/
Columbia Threadneedle switched £6.2 billion worth of assets from UK domiciled funds to Luxembourg domiciled funds 7/50
ftadviser.com/investments/20…
Liberty Specialty Markets is redomiciling its insurance company from the UK to Luxembourg 8/50
libertyspecialtymarkets.com/press-releases…
Admiral Group is planning to move some of its UK business from Admiral Insurance Company Limited to an entity in Spain, Admiral Europe Compañía de Seguros, S.A, that was set on 20 December 2017. 9/50
admiralgroup.co.uk/our-business/c…
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. 10/50
irishtimes.com/news/ireland/i…
SwissQuote cancelled its expansion plans in London after Brexit, and instead bought a bank in Luxembourg [article in French] 11/50
bilan.ch/finance/swissq…
STM Life moving part of its business from Gibraltar to Malta to guard against the effects of Brexit. 12/50
internationalinvestment.net/brexit/stm-lif…
JPMorgan and other leading US banks are getting ready to shift over 250 billion euro in assets from London to Frankfurt. 13/50
bloomberg.com/news/articles/…
A hard Brexit may increase the price of Dutch plants by 50% due to customs delays, additional safety tests and red tape. But they can’t easily be replaced by increased UK production since 90% of shoots come from abroad. 14/50
politico.eu/article/dutch-…
XL Insurance Company SE (a company writing over £2 billion/year in insurance premiums) is moving from the UK to Ireland in January 2019 due to Brexit (the move is explicitly described as due to Brexit in its annual accounts). 15/50
beta.companieshouse.gov.uk/company/SE0000…
Bank of America has spent between $300 and $400 million preparing for Brexit, including establishing new subsidiaries in Paris and Dublin, moving staff etc. Exact cost not yet clear as project is ongoing. 16/50
bloomberg.com/news/articles/…
So many firms are stockpiling food against the disruption of Brexit that a cold storage company has now completely run out of room... 17/50
bbc.co.uk/news/uk-wales-…
Brexit is killing a crucial source of 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." 18/50
inews.co.uk/news/technolog…
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... 19/50
gov.uk/government/pub…
Insurer Hiscox spent US$15 million (£11.5 million) in preparations against a no-deal Brexit (it will also transfer some business to Luxembourg). 20/50
telegraph.co.uk/business/2018/…
A $15 billion hedge fund specialising in distressed debt is gearing up to profit out of Brexit chaos. 21/50
bloombergquint.com/markets/marath…
Government has spent £5.5 million keeping Manston Airport open in case it's needed as additional overflow lorry parking after Brexit. 22/50
bbc.co.uk/news/uk-englan…
Corporate Sterling-denominated bond sales have slumped 34% this year, as companies put off investing in the UK due to Brexit uncertainty. 23/50
bnnbloomberg.ca/brexit-may-ris…
Royal & Sun Alliance Insurance plc is moving approximately 6% of its insurance and reinsurance business to a new legal entity in Luxembourg, with the intention that the move be effective 1 January 2019. 24/50
rsagroup.com/support/brexit…
AIG operates in Europe through a single legal entity established in the UK (with branches across Europe). They are restructuring their business because of Brexit, and moving all non-UK business to a Luxembourg entity (planned by December 2018). 25/50
aig.be/microsites/bre…
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. 26/50
pharmaphorum.com/news/ema-cuts-…
France's top banks are moving 500 jobs out of London due to Brexit. 27/50
financemagnates.com/institutional-…
The Government has 7000 civil servants working on Brexit, plus Treasury funding for 9000 more. (Just imagine the mountains of red tape they're generating, and the forests being decimated to print it all...) 28/50
gov.uk/government/pub…
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." 29/50
gsk.com/media/4751/ann…
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. 30/50
bloomberg.com/news/articles/…
British hauliers are already having to turn down contracts worth hundreds of thousands of pounds because of uncertainties surrounding a no-deal Brexit. 31/50
thesun.co.uk/news/7676717/b…
Theresa May repeatedly cancelled national security meetings because of being overwhelmed by Brexit planning. 32/50
uk.businessinsider.com/theresa-may-na…
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.) 33/50
publications.parliament.uk/pa/ld201719/ld…
Investment in UK renewables drops 46% year-on-year because of Brexit concerns. 34/50
edie.net/news/10/UK-dro…
Tokio Marine Group is using a "Part VII transfer" to transfer business from two UK-based subsidiaries (Tokio Marine Kiln Insurance Limited, and HCC International Insurance Company Plc) to a Luxembourg entity. 35/50
tokiomarinekiln.com/about-us/brexi…
QBE Limited is reorganising the affairs of several of its group companies, using the Part VII mechanism, in order to be ready for Brexit. Follow the link for details of its plans to move business to Belgium. 36/50
qbeeurope.com/qie-rnice-part…
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. 37/50
eur-lex.europa.eu/legal-content/…
XTX Markets is establishing a new office in Paris for post-Brexit trade (it is keeping its London office). [Article in French] 38/50
usinenouvelle.com/article/la-pla…
Credit Suisse is moving 250 jobs to Germany, Madrid and elsewhere in the EU27, including Luxembourg. [Article in French] 39/50
usinenouvelle.com/article/madrid…
New Look (fashion retailer) are closing a further 25 stores (85, up from planned 60 store closures) citing "significant headwinds and uncertainties, including Brexit". 40/50
bbc.co.uk/news/business-…
Schaeffler, a car parts company, is closing two UK factories, in Llanelli, Wales, and Plymouth (affecting 570 jobs) because of Brexit. 41/50
theguardian.com/business/2018/…
Haulage companies face entering 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. 42/50
ft.com/content/dd8a1c…
MS Amlin receives the green light to redomicile Amlin Insurance SE from the UK to Belgium. 43/50
insurancebusinessmag.com/uk/news/breaki…
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." 44/50
hiscoxgroup.com/sites/group/fi…
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. 45/50
theguardian.com/politics/2018/…
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. 46/50
cbronline.com/news/brexit-it…
Home Office private beta of its new EU citizen registration system took nearly 2 weeks to process just 1,053 applicants (despite testing relatively "easy" batches of applicants). Full system will need to handle over *3 million* people in 2 years. 47/50
gov.uk/government/pub…
Barclays is moving €250 billion of business to Dublin ahead of Brexit, making it Ireland's largest bank. It has already bought a huge gleaming new office building there in preparation. 48/50
irishtimes.com/business/finan…
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.) 49/50
assets.publishing.service.gov.uk/government/upl…
Finally, on a lighter note, Ladybird have finally "done" Brexit as part of their Ladybird for Grown-Ups series. The book brings together nostalgic classic paintings with some hard-nose, biting satire. Good early Christmas present, e.g. Secret Santa? 50/50
amzn.to/2RbT3e9
Thanks for reading this far. Hope you found this thread informative. Please retweet it if you did, and help spread the word! People need to understand that the Brexit consequences are real, and happening already. Once businesses leave, they won't be back. Time for Project Fact.
Added: if a lot of the companies in this thread seem to be in the service sector, that may be because the Government is explicitly not protecting services in its negotiations (based on Chequers) the way it is trying to do for goods...
Added: if you made it all the way here, there’s a ton more truths about Brexit in the compilation thread embedded below (about 20% overlap with this thread). It goes into great detail on many aspects of Brexit, including the meaning of WTO trade & no-deal.
Added: here's another thread with more examples of real-life Brexit impacts that are already affecting companies, jobs and investments...

• • •

Missing some Tweet in this thread? You can try to force a refresh
　

Keep Current with Edwin Hayward 🦄 🗡

Edwin Hayward 🦄 🗡 Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @uk_domain_names

Edwin Hayward 🦄 🗡 Profile picture
Feb 6
Before Brexit...
- EU Trade: super easy.
- Rest of the World Trade: hard.

Since Brexit...
- EU Trade: hard.
- Rest of the World Trade: hard.

The difficulty gap may have "narrowed", but not in a way that benefits businesses at all. Trade is on average harder than before Brexit.
Does it encourage firms to consider trading more outside the EU?

Maybe - but only because they'll have a lousy experience everywhere.

It's like raising the price of apples from £10 to £20, keeping pears at £20. Sells more pears? Maybe. But overall, consumers end up paying more.
A smart country would have tried to figure out how to make hard trade with the rest of the world easier.

A dumb country decided instead to make super easy trade with the EU as hard as trade with the rest of the world.

Welcome to Brexit Britain, where brain cells come to die.
Read 4 tweets
Edwin Hayward 🦄 🗡 Profile picture
Feb 6
Kirstie Allsopp (bought 1st property age 21) claims young people should fritter less to get on the housing ladder.

HOWEVER...

Average House Price (Nationwide)
- 1992: £50,168
- 2021: £253,113

BOE Inflation Calculator
£50,168 in 1992 = £110,472.43 in 2021

Aha! Penny drops.
Another way of looking at it...

Kirstie Allsopp said her job paid £11,500 a year at the time she bought her first property.

That would be £25,323.57 in 2021 money.

£50,168 is the equivalent of 4.36x her 1992 salary.

But £253,113 is 9.99x her nominal 2021 equivalent salary.
Simply put, a given house is more than twice as unaffordable today (everything else being equal) than in 1992.

Quite amazing that someone who has lived and breathed the property sector for decades seems oblivious to the above differential.

It's hardly rocket science.
Read 5 tweets
Edwin Hayward 🦄 🗡 Profile picture
Feb 4
The Brexit effect, hurting a business badly.

(Problem is EU students can no longer travel on ID cards because the UK now requires passports, but kids don't need passports because they can go all over the EU on IDs. Catch-22.)
Same problem, different business...
Same problem, different business...
Read 4 tweets
Edwin Hayward 🦄 🗡 Profile picture
Feb 3
Look at the scam in this Treasury press release.

They've called the £200 loan towards energy bills a rebate. It *isn't* a rebate because consumers must repay it in 5 instalments.

Then in the next paragraph there's a council tax rebate that *is* a rebate.
gov.uk/government/new…
It's also referred to as a discount.

Can you imagine if Tesco or Amazon applied the same logic?

We'll give you £20 off your shopping now, but you'll owe us 5 legally binding payments of £4.

You'd be livid if they tried to claim that represented a discount.

It's a 0% APR loan.
And here's the really devious part: the Tories are buying voter goodwill now using money that will largely need repaying after the next GE.

So if Labour win, they'll be left with the ticking time-bomb of Tory debts, and a legally binding obligation for *consumers* to repay them.
Read 4 tweets
Edwin Hayward 🦄 🗡 Profile picture
Feb 2
According to the Daily Mail, the Tories have indicated they plan to plunge us all into the dark on the pandemic in April by giving up publishing daily stats.

This on a day that saw more than 500 deaths announced.

Could they gaslight us any harder? Genuinely hard to think how. Image
The whole article is grim. Apparently Boris Johnson plans to bin every single protective measure on March 24, including the requirement to self-isolate if you test positive.

How can the several million extremely vulnerable people ever be safe after that?
dailymail.co.uk/news/article-1…
The excuse given is that it's becoming "like the flu" and we don't shut down the whole country over that.

A) Covid killed more people in 2 years than flu did in the last decade.

B) Flu is very seasonal. We've had a high covid death rate since August, with no sign of slackening.
Read 6 tweets
Edwin Hayward 🦄 🗡 Profile picture
Feb 2
There's a paradox at the heart of Brexit.

Leaving the EU saves the UK government our membership fee.

It costs individuals and companies much much more than that saved fee. But they're bearing the cost in a distributed way. (Less trade, higher prices, less choice of work etc.)
So the UK government's balance sheet improves by the value of the EU membership fee that's no longer being paid.

But every single one of us and the organisations we work for are effectively being stealth-taxed by Brexit much more than the saving recorded by the UK government.
The UK government can semi-truthfully say "there's more money for us to spend after Brexit" (though the amounts it quotes are wholly fanciful, and don't account for its own extra costs because of Brexit).

And yet as a nation we're still MUCH poorer as a result.
Read 7 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!

Like this author's thread?

Get emails when @uk_domain_names has new unrolls!

Check out other threads from @uk_domain_names!

Read all threads by @uk_domain_names

:(