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- Category: News
A record number of UK-based businesses moved their central operations to the Netherlands in the run up to Britain’s exit from the European Union, the Dutch government reported recently.
According to reports by Reuters, twice as many companies set up operations in the Netherlands in 2019 compared to the previous year, and the trend has continued this year following Brexit.
The moves by hundreds of companies across the water are widely seen by observers as one of the negative impacts on British-based businesses caused by Brexit.
About 500 companies have relocated in the past few years, which is expected to generate more than 4,200 jobs and at least 375 million euros ($400 million) in investments.
The Netherlands Foreign Investment Agency (NIFA) reports that most of the companies moving to the Netherlands are in finance, information technology, media, advertising, life sciences and the health sectors.
“The trend has been a doubling each year of the number of companies coming to the Netherlands,” said NFIA commissioner Jeroen Nijland.
Businesses trading on an international level are attracted to the Netherlands’ open economy with a relatively high level of foreign trade.
The driving force behind the corporate moves to greener pastures is the climate of uncertainty that has surrounded Britain’s exit from the EU.
“That uncertainty is driving companies to look at other options, and there has been no slowdown in that rising trend,” said Nijland.