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    Ryanair Takes Off to Europe as Brexit Brings Business Turbulence

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    Budget airline Ryanair has announced it will "pivot" growth away from UK airports and instead focus on European hubs, following the EU referendum result, making it one of a number of international companies looking to move away from Britain post Brexit.

    The Irish airline will focus more on EU markets following the UK's June 23 vote to leave the EU, which it described as "a surprise and a disappointment."

    ​"We will pivot our growth away from UK airports and focus more on growing at our EU airports over the next two years," the airline said, as a number of international companies issue words of warning about their existing UK operations.

    Vodafone

    The telecommunications giant, which employs about 110,000 people worldwide and 13,000 in the UK, warned it could relocate its head office from Britain, if the UK's post-Brexit deal does not result in the freedom of movement, people, capital and goods.

    Noting that European businesses produce 55 percent of the group's annual profit, Vodafone officials said it would take "whatever decisions are appropriate" once talks between the EU and UK have been completed.

    Siemens

    The German energy company was quick to act following the referendum vote, announcing that it was putting on hold plans to invest in wind-power projects in Britain.

    ​Siemens UK CEO, Juergen Maier told the Guardian: "Those plans were only beginning to happen and I expect that they will stall until we can work out exactly what the [new government's] plan is."

    US Banks

    The big banks have also sounded warnings to the UK following Brexit amid fears Britain's financial sector could be largely relocated to other parts of the EU such as Paris, Dublin or Frankfurt.

    In a report in the Times newspaper, Richard Gnodde, co-head of the Investment Banking Division of US bank Goldman Sachs, said "every outcome is possible" and didn't rule out relocating some of the company's 6,500 staff to and EU member state.

    ​Fellow banking giant JP Morgan echoed the sentiment, saying before the referendum that it could move an undisclosed number of its 16,000 UK-based staff to the EU.

    British Banks

    The Brexit backlash could also see some local firms look to move elsewhere, with British-based international bank HSBC warning before the referendum that it could move 1,000 trading jobs to Paris in the event of an exit from the EU.

    The new cladding of HSBC Building.
    The new cladding of HSBC Building.

    Related:

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    Tags:
    Brexit, relocation, business, investment, Britain's EU referendum, Vodafone, Ryanair, JP Morgan, HSBC, Goldman Sachs, Siemens, Europe, Britain, United Kingdom
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