Vodafone has now joined a number of large companies who are warning of their intentions to leave the UK based on the outcomes of the Brexit negotiations.
Vodafone May Leave UK Based On Brexit Negotiation Outcomes
In a statement, the telecommunications giant asserted the importance of maintaining the EU’s provision of access to free movement of goods, capital and people.
The company however made it clear that it was still too early to make any solid conclusion pertaining to the location for its headquarters in the long-term.
Even then, Vodafone has said it would make appropriate decisions pertaining to the company’s goals and objectives.
Speaking to the BBC, CEO Vittorio Colao said that if Britain voted to leave the EU, it risked being excluded from the plans that are underway for a large single market in the digital services sector.
In a statement to the media, the organization asserted that EU membership had been helpful in driving the company’s growth.
The telecom firm employs up to 13,000 workers in the UK alone with headquarters in London and an operating division in Newbury, Berkshire.
According to Vodafone, as much as 55 percent of the company’s profits for last year were from its operations in the greater Europe, with the UK’s share at just 11 percent. The company is also set to report its financials in euros and no longer in pounds.
The company added that the EU’s common legal framework made it easier to operate across the region.
“It is unclear how many of the positive factors of EU membership will remain in place once the UK completely exists from the EU,” said Vodafone’s statement.
The company added that it would strengthen its presence in Brussels to ensure that the firm’s business in the EU continues to remain relevant.
Vodafone is the seventh largest company on the FTSE, serving up to 26 countries and employing over 100,000 people outside the UK.