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After big banks, Vodafone puts London HQ in doubt
LONDON: British telecom giant Vodafone warned on Wednesday that the future of its London-based headquarters is in doubt after voters chose to quit the European Union.
Apart from Vodafone, American banking majors Morgan Stanley and Goldman Sachs had indicated that they may move staff out of UK in case Brexit happened. The companies have, however, not confirmed such a move.
EU membership has been important to Vodafone’s growth, the group said in a statement, with most of its 462 million customers and 108,000 employees based outside of Britain.
The bloc offered free movement of people, money and goods, as well as access to an emerging European digital market, it said.
“It remains unclear at this point how many of those positive attributes will remain in place once the process of the UK’s exit from the European Union has been completed,” Vodafone said.
“It is therefore not yet possible to draw any firm conclusions regarding the long-term location for the headquarters of the group.”
It is unclear what form Britain’s relations with the European Union will take, nor even when the country will notify Brussels of its intention to leave, formally starting exit negotiations.
Vodafone said it would evaluate the developing situation and take “whatever decisions are appropriate” for its customers, shareholders and staff. The multinational group stressed that it was committed to supporting customers in Britain and would invest in its British operations in the future.