This is going to be the case for businesses large and small, to the significant detriment of the U.K. Lost jobs (well paid jobs paying lots of tax), lost income, lost talent, lost reputation. My company will essentially become an overseas company with a UK base, most of the jobs and tax income being created and taxed in the EU. In itself no big deal, but multiply that by thousands, and include large businesses that relocate, or that choose to locate in the EU rather than the UK. It was mostly the old, the xenophobic and the uneducated that voted leave, now Britain must deal with consequences.
“This is likely to affect regulation and the movement of talent, two massive issues for business. The two main benefits of being part of the EU are access to talent because of the free movement of labour and the fact that you can ‘passport’ regulation so if you’re regulated in the UK, you’re regulated across the EU. We don’t know what’s going to happen with either of those.”