Thread by @uk_domain_names

Brexit's already hitting the UK right now: job losses, sunk costs & investment shifts 1/40
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The annual cost to the NHS of securing all necessary visas and other documentation for its overseas staff post-Brexit (i.e. under the new immigration regime) is estimated at £490 million. 2/40
rcplondon.ac.uk/news/490-milli…

Panasonic is moving its European HQ from the UK to Amsterdam (the legal aspects of the move were completed in October 2018, as the £200 million capitalised UK company was absorbed by Panasonic's Dutch entity). 3/40
techcrunch.com/2018/08/30/pan…

The European Banking Agency (EBA) - a banking regulator for the EU - moved its operations from London to Paris, affecting 160 staff. 4/40
consilium.europa.eu/en/policies/re…

Nomura is moving about 100 staff to a new Frankfurt office to use as a new trading hub servicing EU clients post-Brexit. They expect the move to be completed in early 2019. 5/40
itv.com/news/2018-08-0…

Aviva, the huge insurance company, is moving a portion of its client base from the UK to Ireland. It expects the transfer to get approval in January 2019, and be effective 1 February 2019. 6/40
rte.ie/news/ireland/2…

Scisys is seeking shareholder approval to move its holding company from the UK to Ireland in order to: "protect shareholder value & mitigate the possible negative effects of Brexit on the Group's space business". 7/40
polaris.brighterir.com/public/scisys/…

TP ICAP, the world's biggest interdealer broker, said its full-year earnings would be hurt by additional costs of about £10 million related to Brexit. It has chosen Paris as its EU headquarters post-Brexit. 8/40
proactiveinvestors.co.uk/companies/news…

The UK Government is spending £92 million on a feasibility study to work out how it could build its own version of the Galileo GPS satellite network. Note that the money's purely for planning. It doesn't pay for any satellites, or space launches! 9/40
theregister.co.uk/2018/08/28/uk_…

A £500 million data centre contract was awarded by the UK Government without a competitive tender process, because time was too short & it is needed as part of "critical national infrastructure". It is due to come online 13 days before Brexit Day!! 10/40
cbronline.com/news/crown-hos…

Recardio is halting clinical trials in the UK of a new heart drug because of concerns over Brexit, and drug approval regimes. 11/40
fiercebiotech.com/cro/recardio-p…

Legal and General Investment Management has received regulatory approval for a new Dublin-based business unit. It is planning to use it to manage its Ucits and alternative investment funds domiciled in Europe. 12/40
moneymarketing.co.uk/lgim-readies-b…

Sir Jim Ratcliffe, the UK's richest person (and a Brexit supporter) decided to leave the UK for Monaco in mid-2018. 13/40
dailyrecord.co.uk/news/scottish-…

Daiwa Capital Markets established a new subsidiary in Frankfurt on 3rd September 2018 "so that Daiwa can continue to provide a full service to its EU-based clients post-Brexit." 14/40
uk.daiwacm.com/site-tools/bre…

De La Rue in Gateshead had to write off £3.7 million in costs after failing in its bid to secure the tender to print the new post-Brexit UK passports. 15/40
chroniclelive.co.uk/business/busin…

HSBC announced in its 2017 annual report that it had incurred $28 million of "costs associated with the UK’s exit from the EU". 16/40
hsbc.com/-/media/hsbc-c…

The Financial Conduct Authority (FCA) says in its 2018/19 business plan that they "have identified total EU withdrawal demand [costs] of around £30m", and that part of that will have to be funded by raising the fees they charge firms. 17/40
fca.org.uk/publication/bu…

Standard Life reported having incurred £12 million of "Brexit related costs" in its 2018 Half-year results report. 18/40
otp.tools.investis.com/clients/uk/sta…

Volex PLC is looking for new arrangements for approx $7 million in sales: "We have already begun looking for an alternate dock on mainland Europe to take delivery of the half of sales destined for EU end customers." 19/40
lse.co.uk/regulatory-new…

Halford Group Plc stated in its FY19 interim results that: "The weaker pound since the Brexit vote has increased our cost of sales by a cumulative circa £40m by the end of FY18 compared to FY16." 20/40
lse.co.uk/regulatory-new…

Veterinary drugs producer Dechra Pharmaceuticals decided to move ahead with its contingency plans for a hard Brexit in September 2018, at a cost of £2 million. 21/40
uk.reuters.com/article/uk-dec…

Marshall Wace, one of the biggest hedge funds in the UK, has obtained a license to run management companies in Ireland & plans to grow its Dublin presence as a protective measure against Brexit. (Its chairman and CEO donated £100,000 to Leave) 22/40
cityam.com/268888/hedge-f…

Lloyd's of London is accelerating its plans to move some insurance contracts over to its Brussels subsidiary to guard against the impact of Brexit (15% of its business is in EU). CEO claimed it was "forced" to establish the Brussels HQ due to Brexit. 23/40
express.co.uk/news/uk/102805…

HSBC is transferring legal ownership of its Polish and Irish subsidiaries from the UK to its French unit. 24/40
reuters.com/article/us-bri…

The London Stock Exchange is implementing its hard Brexit contingency plans: "These contingency plans include incorporation of new entities in the EU27 and applications for authorisation within the EU27 for certain group businesses." 25/40
theguardian.com/business/2018/…

Deutsche Bank moved about half its new euro swaps business away from LCH (UK-based clearing house) and onto Eurex (based in Germany) in August 2018. 26/40
risk.net/our-take/58310…

The latest version (September 26, 2018) of the UK Government's OFFICIAL list of remaining "Brexit Unknowns" runs to 63 pages. That's despite the fact that it starts with the assumption that we will get a Withdrawal Agreement. 27/40
researchbriefings.files.parliament.uk/documents/CBP-…

EasyJet spent approx. £4 million on Brexit preparations during the 6 months ending 31 March 2018. These involved setting up an AOC in Austria; most of the incurred costs were for the re-registration of aircraft. (See p30 of document at link below.) 28/40
corporate.easyjet.com/~/media/Files/…

Broadcasters have begun to move licenses to EU27 countries, since channels licensed in the UK will no longer have the right to broadcast cross-EU after Brexit. Viacom and Viceland have secured licenses in The Netherlands. 29/40
tvbeurope.com/business/broad…

Ferrovial (largest shareholder in Heathrow, owns Aberdeen, Glasgow & Southampton airports) is moving its HQ from Oxford to Amsterdam. "The reason for the move is to maintain the group's international companies under the umbrella of [EU] legislation." 30/40
bbc.co.uk/news/business-…

Standard Chartered has applied to turn its Frankfurt branch into its EU subsidiary. It initially expected to move 20 jobs, but recently announced that more would go. 31/40
uk.reuters.com/article/us-bri…

The London-based Shadow Robot Company is outsourcing the bulk of production to Madrid after opening a new office there in response to Brexit. 32/40
uktech.news/news/british-r…

Jaguar Land Rover has opened a new plant in Slovakia (expected capacity of 100,000 cars/year by 2020) and has begun shifting car production away from the UK, partly as a response to Brexit. 33/40
autonews.com/article/201810…

DLA Piper opened a new office in Dublin. It had been evaluating the market for some time, but: "Brexit had been the catalyst to take another look and was the additional dimension which tipped the balance of the Dublin business case." 34/40
legalbusiness.co.uk/blogs/dla-beco…

UK companies with a .eu domain name will no longer be eligible to renew them after Brexit, nor will they be entitled to register new .eu domains. This affects an estimated 300,000 domain registrations. 35/40
eurid.eu/en/register-a-…

Markel Corporation announced in July 2018 that it had been granted a license to establish an insurance company in Germany so as to be able to continue servicing EEA clients after Brexit. 36/40
markelinternational.com/intl/news/2018…

Arch Capital Group is planning to continue from Ireland certain underwriting operations that are currently carried out by its UK insurer and its Gibraltar insurer. 37/40
businesswire.com/news/home/2018…

A new work order for the "Galileo Control Segment" ground infrastructure monitoring the Galileo constellation of satellites was won by GMV Aerospace and Defence of Spain. Up until now, GCS had been provided by Airbus in Portsmouth. 38/40
esa.int/Our_Activities…

NOTE: Ian Dunt's book, "Brexit: What the Hell Happened" is magnificent to the point of envy (bluntly, I wish I'd written it!) I defy anyone to read it and not come away
A) Better informed
B) More scared
Should be required reading in Parliament... 39/40
amzn.to/2CUMadj

Phew! You made it to the end of this thread. Unfortunately, it's really just the beginning of the bad news about Brexit. You'll find tons more examples of the actual, real and present consequences of Brexit in the thread below. 40/40

https://twitter.com/uk_domain_names/status/1061554026284834817

Thanks for reading this. Sorry if it was scary, but better to be informed than in the dark. Brexit can feel like such an abstract concept, but all these stories of what real companies are doing really focus the mind. Please retweet & spread the word!

Added: there are even more Brexit truths in the compilation thread embedded below. It goes into detail on many aspects of Brexit, including the meaning of trading on WTO terms, the notion that the EU is "punishing" us, and the consequences of no-deal.

https://twitter.com/uk_domain_names/status/1057694547608788992