Vodafone To Shift Headquarters Away From UK

The second-largest telecom company in the world may quit UK following Brexit.

Vodafone said earlier today it will be shifting its headquarters away from UK as Britain’s EU membership was an important factor for them in the growth of the company.

Loss of the British industry giant would be a major blow for UK.

Vodafone added the freedom of movement, capital and goods across 28 countries of the EU were vital for them.

However, Vodafone mentioned they will be evaluating the situation for some period and so withdrawing is not a firm conclusion now. The decisions will be in the interests of employees, shareholders and customers as well.

Vodafone is headquartered in London, but majority of its employees and customers are based outside Britain. It generates just 11 percent of the revenue from Britain.

UK voted last Thursday in favor of Brexit, which means leaving the European Union (EU). Since then uncertainty of tremendous levels are being faced by British businesses. It is highly important now for London to establish new trading relationships with its foreign partners.

According to Credit ratings agency Moody, higher trade barriers and reduced volumes could be faced by manufacturers, automakers and food producers in Britain.

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