Color me totally totally skeptical on this Bloomberg report: Brexit Leads Three-Quarters of Britain’s CEOs to Consider Moving.
The U.K.’s vote to leave the European Union has left more than three-quarters of chief executive officers saying they would consider moving their headquarters or operations outside Britain, according to a survey of 100 business leaders by the accountancy firm KPMG.
Some 72 percent of the CEOs surveyed said they voted “Remain” in the June 23 Brexit referendum , KPMG said on Monday in an e-mailed statement. While 69 percent said they’re confident Britain’s economy will continue to grow over the next year, and 73 percent expressed confidence their companies will grow, 76 percent are mulling some form of relocation.
“CEOs are reacting to the prevailing uncertainty with contingency planning,” KPMG U.K. Chairman Simon Collins said in a statement. “Over half believe the U.K.’s ability to do business will be disrupted once we Brexit and therefore, for many CEOs, it is important that they plan different scenarios to hedge against future disruption.”
The survey suggests Prime Minister Theresa May has work to do to retain businesses and jobs as the U.K. seeks a deal with the EU that curbs immigration while retaining the closest trading ties possible with the bloc’s 27 other members. Before the referendum, the then-Chancellor of the Exchequer George Osborne said a vote to leave would endanger as many as 820,000 jobs.
Blatant Fearmongering Again
Talk of leaving is nothing more than blatant fearmongering.
The instant recession idea died immediately, so now CEOs are hoping to influence UK prime minister Theresa May into scrapping the vote.
However, it it pretty obvious Theresa May has every intention of letting Brexit happen. Thus, this renewed fearmongering is totally counterproductive.
The CEOs would be better served by getting behind the movement to get the best deal they can. Talk of leaving plays into the EU’s hands.
Regardless, where the hell are the businesses going? France? Somewhere else in the EU with inane corporate taxes and countless nannycrat rules? Please be serious.
Mike “Mish” Shedlock
Talk of leaving is nothing more that blatant fearmongering.
And where wold they go that would be better?? Europe?
I doubt it.
Off you go!
Brussels beckons.
Well, Mish, if 69 percent said they’re confident Britain’s economy will continue to grow over the next year, and 73 percent expressed confidence their companies will grow, 76 percent couldn’t be mulling some form of relocation very seriously.
On the other hand, these CEOs would be remiss if they didn’t consider it at all. Considering it is merely a form of due diligence not to mention plain good sense. Having considered it, they can then safely drop the idea like a hot potato.
The Bloomberg article is obviously just more propaganda from New York’s Democrat mayor. Then again, if Mr. Bloomberg and his krew didn’t toe the party line, would they get invited to trendy soirees, upper east or west side? It’s a shame that truth goes begging these days, but as Dan Quale urged in a different context, let’s wear it as a badge of honor.
Well stated Macon
Precisely how I see things but you stated it better
Thanks
Exactly. A CEO should always be thinking about geographical reconfigurations of his company. And the Brexit forces such a possibility on the agenda. But considering is something completely different than drawing up plans, which is still far short of acting on them. I might even be considering going to the shop today, but I will likely have no time.
Mish, by now you should know that MSM media, including Bloomberg, pedals mostly PROPAGANDA. Of course there are lots of facts as well, but that’s why Western MSM is smarter in terms of being propaganda machine. Feed mostly “facts”, then pedals the rest as propaganda. It will be difficult for most people to distinguish between the 2.
Same thing with Wikipedia.
John C Dvorak on the No Agenda Show Podcast produced the “Leaner Report.” This is his observations about who in the US media and others support in the presidential race. He often points out on the podcast that so-called unbiased journalism is a relatively recent phenomenon, mostly because of the FCC’s meddling in broadcast TV and radio. Now that TV news is expected to be a profit center, in competition with cable and Internet sources, the bias is accepted, even though the appearance of balance is still there.
http://cosmicweenie.com/LeanerReport.pdf
We would be ecstatic if 69-73% of our businesses are as optimistic in our economy and its growth. LOL.
More propaganda to scare the people.
This just solidifies my belief that the corporate world and the larger political establishment weave a very tangled web together. A web that ordinary get wrapped up in and eaten.
Someone once said that the definition of Fascism is the merger of state and corporate powers.
If that isn’t what we’ve seen with our very own eyes in the last decade I’ll eat my hat.
It’s been re branded. Neoliberalism, is the new name for fascism.
Ha! Not in a million years. Show us the survey questions, Bloomberg. On second thought, I’ll construct my own for you:
Mr./Mrs. CEO:, Given a choice, would you prefer a world without crises and conflicts, such as posed by the recent incredibly outrageous and ignorant UK Brexit vote or one filled with free love and nickel beer? Check a or b.
Lots of good comments here – Larry and Allking too!
“Regardless, where the hell are the businesses going?”
Obviously, nowhere. They’re just (stupidly) hoping that May changes her mind – which would be the kiss of political death.
In summary, nobody believes this ridiculous story….
Yes, I believe that sums it up nicely
… and who exactly is that 72% that “Bloomberg” is talking about?
https://zosotruthtalk.files.wordpress.com/2012/02/jew-bwa-ha-ha_thumb.png?w=376&h=440
Maybe these large companies are too intertwined with “their” government and government bureaucracy and too comfortable with the special treatment they can get through the influence of lobbyists. It’s just possible that what’s important to many voters isn’t the same thing that’s important to those in the executive suite. Fear has always been a powerful tool to get what one wants.
For Fortune 100 companies more regulation is usually good; it is far easier for them to absorb the cost of compliance than it is for a potentially disruptive startup.United Fruit can afford to spend money on automating the measurement of a banana’s curvature, Joe’s Fresh Fruit, LLC much less so.
Who believes Bloomberg? Chicken Little? …”The sky is falling!”
Just a shakedown for tax and other concessions from the UK. If they move to France, their personal tax rate goes to 75%, and pretty much anywhere else on the Continent will certainly add to their personal tax bill. Plus, if they don’t already have a Continental language in their toolbox, they’ll probably want to learn enough to know when they are the butt of the jokes at the CEO roundtables they are asked to join.
I’ll wait until Bloomberg identifies those companies and then invest in them when these CEO’s leave. I’m all for investing in companies that can get rid of dead weight and not have CEO’s who can’t think for themselves.
Bloomberg comes out with interesting articles once in awhile — some of their investigative stuff and market analysis can be OK, and without agenda.
But….
For the most part, Bloomberg has turned into a propaganda rag.
I used the data (Bloomberg terminal) extensively from the 80’s until the early 2000’s. The more they ventured from market data and analytics, the more annoying they became.
(((Bloomberg))) himself actually has “some” good ideas, but for the most part he is just another captured member of the Deep State.
Michael might have done a few good things but for the most part he is Mr Control Freak:
http://gizmodo.com/the-complete-list-of-everything-banned-by-mayor-michael-1490476691
Everybody has to everything his way. What a jerk.
I’m considering visiting Europe. I’ve been doing that for 40 years but I never seem to make the trip.
You should do it while it is still here.
“Three-Quarters of UK’s CEOs Consider Moving Due to Brexit”
Actor Gerard Depardieu left France, as did a number of business men, when Holland raised the top tax rate to 75%.
KPMG is an accountancy firm, which like similar companies, ‘borrows your watch to tell the time’. You have to look at whoever commissioned the study, because KPMG will replay what they want to hear. KPMG also consults on relocation and so called contingency planning; consequently the article is 100% self serving.