Pro-Brexit vote has caused a tumble in the number of companies from France, the Netherlands, and Belgium registering in Britain, which emphasizes the influence of the decision on the UK economy.
Companies House figures say that firms from France opened UK branches 48% less in 2016-2017 compared to the preceding year, as Belgian firms registrations fell 38%. Probably the hardest hit of Britain’s partners is the Netherlands, its companies came to the UK 52% fewer in number than a year earlier.
This reflects the unwillingness of firms from other countries to make investments in Britain, be it new plants or purchasing UK companies. Foreign direct investment into the country plunged by 90% last year, which came after a very lucrative 2016, according to OECD data.
The slide was ascribed by some business lobby groups to the lack of clarity linked to Brexit negotiations. Brexit was also affecting job applications, EEF cautioned, they’ve slumped 17% since last year. More than that, the business lobby group said 13% of producers pointed to a hike in the number of workers from the EU quitting jobs.