Brexit and Global Mobility

Get the latest update on Brexit and Global Mobility.

There has been much media coverage of the UK’s decision to leave the European Union (called Brexit) and the potential ramifications of this decision on the UK, the US, the EU and other parts of the world.  While there was an initial shock in financial markets, much of the prediction of an economic doomsday turned out to be untrue.  However, as the UK leaves the EU, there will be longer-term issues to deal with that can affect labor in general and corporate relocation. 

For example, as the UK tightens border controls, it is likely that lower-skilled immigration from EU nations will diminish, putting some pressure on UK employers to find workers for some jobs or requiring an increase in wages.  There will also be immigration questions about EU citizens who are living/working in the UK and vice-versa under current EU open border rules.  While this matter may be addressed by joint agreements between the UK and EU, it is too early to tell.

In additions, Brexit will have an impact on financial companies who headquarter in the UK.  Both HSBC and JP Morgan have already made statements about the potential impact of Brexit on their operations and the potential need to relocate out of the UK.  

[Link] Worldwide ERC recently published a detailed update on Brexit, which you can access here.