...Catalonia, due to fears of Catalexit. Relocating their headquarters to Alicante will allow it to continue to operate under EU regulations. A second bank (the fourth largest in Spain) is considering doing the same.
Fortunately our banks operate within the UK so surely there won't be any issue when we are cast adrift from the EU?
Well, the relocating bank does own the TSB, so could they be gearing up to move out of the UK too? Another Spanish bank with a lot of business in the UK is Santander. Our other big banks are British-based but operate internationally. Each bank will be asking itself where best to base itself, as will other companies. Clearly, relocation will lead to job losses and reduce the UK tax take.
And businesses are becoming more and more worried by Brexit. Is it any surprise, with the shambolic evidence of the Tory conference being enough to shake anyone. However, of greater concern are the incoherent policies, aimed at short-term vote-gathering rather than long-term economic health.
The Federation of Small Businesses has pointed out that an energy price cap for consumers would simply mean higher prices for businesses.
The EEF (representing 5000 manufacturing companies) want a comprehensive transition agreement before the end of the year to avoid boardroom decisions "going against UK plc".
The CBI commented "every day wasted is lost investment and jobs not created."
Still, every cloud has a silver lining. The Dutch company TMF Group - estimated worth £1.4 billion - is planning to move its headquarters to London, saying, "The UK's exit from the EU could actually present an opportunity to us."
They specialise in helping businesses relocate across borders.
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