Thread by @uk_domain_names

Ok, it's high time for a "real effects of Brexit" thread to counter Project Fear. (Note: some of the company changes described here are paper exercises i.e. few or no staff are involved. There may however be tax consequences if a company is no longer domiciled in the UK.) 1/50

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…

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. 26/50
admiralgroup.co.uk/our-business/c…

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. 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 dropped 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, and hard-nosed, 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: it's probably most effective if you retweet the first post of this thread. Rather than scroll all the way up again, I've embedded it below so you can click into it and RT. Hope I haven't accidentally trapped you in an infinite loop of Brexit gloom!

https://twitter.com/uk_domain_names/status/1061321871822602240