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Monday, May 29, 2023

Multi-Billion-Pound Brexit Hit as Firms Shift to The EU

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The SNP has condemned the extreme damage the Tory government’s Brexit deal continues to inflict, after new figures revealed that billions of pounds worth of investment had left the UK for the EU since Brexit.

Analysis published by Flanders Investment & Trade (FIT) found that the region of Flanders in Belgium has seen more than £2 billion in investment as a result of UK-based businesses shifting their bases from the UK to Belgium following Brexit.

The figures show that 89 international companies have moved their investment projects to Flanders from the UK over the past three years to avoid barriers caused by Brexit.

Commenting, the SNP’s Europe spokesperson, Dr Philippa Whitford MP said:

“Businesses in the UK are continuing to pay a heavy price for the Tory government’s extreme Brexit deal – with these latest figures showing billions of pounds worth of investment moving from the UK to the Flanders region alone.

“Trading barriers, higher costs and Brexit red tape are forcing businesses to move from the UK to the EU in order to be able to trade more freely.

“Brexit has been nothing short of an unmitigated disaster and an act of economic vandalism that continues to harm our economy and deliver a hammer blow to firms.

“It’s beyond doubt that the only way to escape the long-term damage of Tory Brexit and rejoin the EU – securing our place in the world’s largest single market which is seven times the UK – is to become an independent country.”

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