02:04 GMT +320 August 2018
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    Rotterdam port view. (File)

    Rotterdam to Host Unilever Head Quarters Over London

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    Fears of business leaking across the English Channel to European financial centers has become increasingly a concern to the City of London.

    The Dutch transnational consumer product corporation Unilever on Tuesday declared that it will be moving its principal operating headquarters to the Dutch city of Rotterdam, passing over the British capital London. The move comes as the Dutch government has sought to increase the attractiveness of its business climate through lowering of corporation taxes and scrapping taxes on corporate dividends.

    Fears among the British business community rose throughout 2017 as several European economic centers vied with each other to lure large companies away from the City of London as the UK prepares to exit the European Union.

    In November 2017 Paris won the right to host the European Banking Authority, over which it competed with Frankfurt, Milan, Dublin and Amerstdam.

    French President Macron used his first year in office to reduce financial regulations and levels of corporation tax as a way of making the French capital more attractive to companies currently headquartered in London. France has also campaigned for London not to be allowed to serve as the main clearing center for Euro-denominated transactions, seeking to restrict such a right to member states of the Eurozone.

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    Tags:
    financial services, soft Brexit, Hard Brexit, corporate tax rates, Brexit, European Union, European Banking Authority, Unilever, Emmanuel Macron, Rotterdam, Paris, United Kingdom, Frankfurt, Milan, Netherlands, France, London
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