Post EU election Brexit Update:
How are employers reacting to the increased probability of a No Deal exit?
As predicted by the polls and in the media, Nigel Farage’s newly formed Brexit Party scored an outright win in the European elections around the UK regions. The results were widely considered to indicate that large swathes of voters were showing their displeasure at Parliament’s failure to deliver the British people’s instruction (via the Brexit referendum) to leave the EU on 29 March.
At the same time, the contest between the Conservative Party’s “big beasts” to replace Teresa May as leader of the Tories and Prime Minister is now in full swing. The leading contenders appear to be positioning their campaign bid on a promise to take the UK out of the EU by the new deadline of 31 October with or without a deal.
But EU leaders have stated that they will not improve on the terms of the Withdrawal Deal which was negotiated by Prime Minister May. That Deal was voted down 3 times by Parliament and is now considered to be a dead duck!
Business leaders are now moving up their Brexit contingency plans on the basis that the UK looks highly likely to leave the EU without a deal. Banks and financial services firms have become especially active on the relocation front and they are encouraging some employees to make a permanent move to their organization’s chosen EU city.