What Industries are likely to leave the UK?

Game Industry

The Guardian has informed that about 40% of all gaming companies in the UK consider leaving the UK. The survey has also showed that 57% of UK games companies have employees from the EU who are influenced by the new post Brexit policies. The United Kingdom is globally the sixth largest games market when it comes to consumer revenues. Naturally, the British games industry was in favour of staying in the European Union, however they will now have to battle for keeping their non-English employees as well as staying closely connected to their European business partners.

Pharma

There is already a big number of countries from Romania to Sweden willing to overtake the European Medicines Agency (EMA) residing for now in London. However, with Britain leaving the EU, EMA will most likely change its seat. The transfer accounts for almost 900 employees, moreover the transfer will bring into the new host country a boost for their pharmaceutical industry, and increased access to expert researchers.

Among other contenders are also Italy, Portugal, Spain, Sweden and the last English speaking country in the union, Ireland. The republic of Ireland seems to be the biggest bidder at the moment with offering a list of several strong points, which could win Ireland the 1st place in the end. On top of numerous medicine manufactures placed around Dublin, there are new factories showing up, as if representatives of Irish companies and agencies can predict the future. Moreover, Dublin claims the advantage of English as an official language.  Additionally, a strong scientific research sector can provide a fruitful environment for highly specialised workers.

Banks and other financials

Banks and financial institutions represent another sector looking to over the British borders, and Ireland plays here prime time again. An overwhelming majority of companies inquire about relocating to Ireland after Brexit, this includes foreign investment companies, insurance companies and banks.

According to the Industrial Development Agency (IDA), many of the corporations looking to move offshore were based in the City of London.

The IDA has a target to create an extra 80,000 jobs in Ireland by 2019, many of them from new US companies setting up their European base at Britain’s neighbour. The Irish low 12.5% corporation tax remained one of the Ireland’s key fiscal policies. “In the context of a very turbulent world Ireland looks very stable economically because of the strong growth in 2014, 2015, and it looks the same in 2016. Therefore, in the end it looks like this country represents a stable environment for enterprises and policy perspectives as well. Should we expect Dublin to become new London?

 

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