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Javid: Single Market Access 'Number One Priority'

Vodafone is the latest company to suggest it could move its HQ out of the UK

Sky NewsBy (c) Sky News 2016 | Sky News – 56 minutes ago
  • Brexit: Vodafone says its headquarters could be shifted outside the UK
    View Photo

    International Business Times - Brexit: Vodafone says its headquarters could be shifted outside the UK

A growing number of firms have warned about shifting their headquarters from the UK despite the Business Secretary insisting maintaining access to the single market is his "number one priority".

Sajid Javid insisted that the UK was still "open for business" and that the British economy remained fundamentally strong.

He made his comments at a meeting of more than 20 representatives from the UK's largest trade sectors - the first roundtable meeting since the EU referendum.

But Vodafone, which employs 13,000 in the UK, later said it was possible it could move its west London headquarters abroad in the wake of Brexit - adding it would continue to evaluate the situation as negotiations on Britain's EU exit take shape.

Its statement said: "Freedom of movement of people, capital and goods are integral to the operation of any pan-European business as are single legal frameworks spanning all member states.

"Access to the emerging European digital single market should represent a significant opportunity for the UK, one of the world's leading digital economies."

Sky News also revealed that credit card firm Visa (Xetra: A0NC7B - news) could be forced to move hundreds of jobs to the EU for data protection reasons.

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A number of the world's largest investment banks, including Citi, Goldman Sachs (NYSE: GS-PB -news) and JP Morgan have said they will be forced to move roles to other EU financial centres if the UK is denied access to the single market's passporting regime.

Mr Javid admitted the biggest issue raised at the London forum was about continued access to the single market.

"My number one priority will be just that in the negotiations to come," he said.

He added that the Government will work together with businesses to help them through the "challenging times ahead".

He said: "We are more than well-placed to get through them," adding: "The UK is still very much open for business."

He announced he would lead a series of trade missions to meet inward investors and said he had been contacted by Australian and South Korean officials in recent days wanting trade talks.

Mr Javid's speech to business leaders came as he confirmed he will be supporting Stephen Crabb in his Conservative leadership bid.

Both men backed the Remain side although Mr Javid faced claims he was privately in favour of leaving the EU.

After the meeting, he said businesses wanted to see political leadership.

CBI director-general Carolyn Fairbairn said business leaders displayed high levels of concern at the meeting with Mr Javid.

"The Government must communicate and demonstrate that the UK is open for business and investment, including by keeping critical infrastructure projects and spending decisions on track," she said.

"We must give urgent long-term reassurance to the thousands of EU migrants already working in the UK that they can stay here.

"A visible commitment to openness must be at the heart of our new relationship with the EU.

"In practice this means tariff and barrier free access to the single market; maintaining trade deals around the world; attracting and keeping skills; and working out the trade-offs between these three."

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      • Brexit: Vodafone says its headquarters could be shifted outside the UK
        View Photo

        International Business Times - Brexit: Vodafone says its headquarters could be shifted outside the UK

      A growing number of firms have warned about shifting their headquarters from the UK despite the Business Secretary insisting maintaining access to the single market is his "number one priority".

      Sajid Javid insisted that the UK was still "open for business" and that the British economy remained fundamentally strong.

      He made his comments at a meeting of more than 20 representatives from the UK's largest trade sectors - the first roundtable meeting since the EU referendum.

      But Vodafone, which employs 13,000 in the UK, later said it was possible it could move its west London headquarters abroad in the wake of Brexit - adding it would continue to evaluate the situation as negotiations on Britain's EU exit take shape.

      Its statement said: "Freedom of movement of people, capital and goods are integral to the operation of any pan-European business as are single legal frameworks spanning all member states.

      "Access to the emerging European digital single market should represent a significant opportunity for the UK, one of the world's leading digital economies."

      Sky News also revealed that credit card firm Visa (Xetra: A0NC7B - news) could be forced to move hundreds of jobs to the EU for data protection reasons.

      :: PM Blames Leave Vote On Immigration Concerns

      A number of the world's largest investment banks, including Citi, Goldman Sachs (NYSE: GS-PB -news) and JP Morgan have said they will be forced to move roles to other EU financial centres if the UK is denied access to the single market's passporting regime.

      Mr Javid admitted the biggest issue raised at the London forum was about continued access to the single market.

      "My number one priority will be just that in the negotiations to come," he said.

      He added that the Government will work together with businesses to help them through the "challenging times ahead".

      He said: "We are more than well-placed to get through them," adding: "The UK is still very much open for business."

      He announced he would lead a series of trade missions to meet inward investors and said he had been contacted by Australian and South Korean officials in recent days wanting trade talks.

      Mr Javid's speech to business leaders came as he confirmed he will be supporting Stephen Crabb in his Conservative leadership bid.

      Both men backed the Remain side although Mr Javid faced claims he was privately in favour of leaving the EU.

      After the meeting, he said businesses wanted to see political leadership.

      CBI director-general Carolyn Fairbairn said business leaders displayed high levels of concern at the meeting with Mr Javid.

      "The Government must communicate and demonstrate that the UK is open for business and investment, including by keeping critical infrastructure projects and spending decisions on track," she said.

      "We must give urgent long-term reassurance to the thousands of EU migrants already working in the UK that they can stay here.

      "A visible commitment to openness must be at the heart of our new relationship with the EU.

      "In practice this means tariff and barrier free access to the single market; maintaining trade deals around the world; attracting and keeping skills; and working out the trade-offs between these three."

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