Sunday, October 17, 2021

Brexit threatens to ‘kill off’ British technology company Interxion

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“All of our options were on the table. The whole board was aware of the and committed to bringing a range of options forward,” said a spokeswoman for the firm Interxion. (The firm declined to name the specific alternatives.)

The firm’s decision is one of the clearest signs yet that UK-based firms are considering moving their investment out of the country following the surprise decision last week to leave the European Union.

The announcement comes as the government continues to change its story on how the UK economy will work after Brexit.

In the immediate aftermath of last week’s vote to leave the EU, Chancellor Philip Hammond repeated Prime Minister Theresa May’s claims that the economy would “plow on” regardless of the result. Mr. Hammond said then that there was “enormous opportunity” for the UK to remain one of the world’s leading countries. “It is only the insecure minority who will see the forces of Brexit as anything other than the strengthening of our economy and the opening up of new opportunities for us.”

But on Sunday Mr. Hammond conceded that the Treasury’s predictions were wrong, and that the UK could be facing “really significant economic uncertainty.” Speaking on the BBC’s Andrew Marr Show, Mr. Hammond said: “We thought it was going to be easier to get by.”

Mr. Hammond said the UK’s economy was the sixth strongest in the G20 leading industrial economies, and boasted about the Office for Budget Responsibility forecasting that the UK economy would be 3.1 percent bigger in 2021 than a year previously. “So that means we are punching above our weight,” he said.

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