Airbus’s announcement that it is weighing up its future in the UK has sent shockwaves across the political spectrum today.
With no assurances over Britain’s future trading arrangements the boss of one of the world’s biggest aircraft manufacturers warned that Brexit would have “severe negative consequences for the UK aerospace industry and Airbus in particular”.
He said that Airbus has repeatedly been demanding clarity from Theresa May’s government over what trading arrangements will be available with Europe in March 2019, otherwise he warned that the aviation multinational would have to take steps to protect production, putting 100,000 jobs in the UK at risk.
The announcement comes straight out of the playbook for any multinational firm operating in Britain. Some of the country’s biggest businesses have already announced job cuts with many putting provisions in place as they await an outcome on negotiations.
Along with the Airbus announcement that 100,000 jobs could leave our shores,
- Jaguar Land Rover is set to cut 1,000 jobs due to Brexit ‘headwinds’, with the West Midlands (a staunch Brexit-voting region) bearing the brunt of the cuts.
- PoundWorld was unable to secure the jobs of its 5,100-strong workforce.because of Brexit-linked inflation.
- HSBC and UBS are to shift 1,000 jobs each from UK in Brexit blow to London
- A former UK financial district leader has predicted 75,000 Brexit job losses elsewhere.
- The chief executive of JP Morgan said it could cut its 16,000 UK workforce by more than a quarter if financial rules diverge after Brexit.
- EasyJet jobs could go after it applied for a new air operator’s certificate (AOC) in Austria to allow it to continue flying in the European Union after Brexit, setting up a headquarters in Vienna.
- Siemens has warned time is running out to secure a Brexit deal.
- Unilever is moving corporate headquarters to Rotterdam, even though it has claimed the decision is not Brexit-related.
The list goes on, but one thing that is for sure is that Airbus is not alone in wanting to up sticks and leave Britain.
RELATED
The Brexit undertones of the EU’s impending anti tax avoidance legislation
Since you are here
Since you are here, we wanted to ask for your help.
Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.
Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.
If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.
To donate or subscribe to The London Economic, click here.
The TLE shop is also now open, with all profits going to supporting our work.
The shop can be found here.
You can also SUBSCRIBE TO OUR NEWSLETTER .
