January 25, 2017

Bloomberg BNA quotes Friedemann Thomma on United Kingdom’s popularity among multinational companies

1 min

Venable partner Friedemann Thomma was quoted in a January 25, 2017, Bloomberg BNA article on the United Kingdom's popularity among multinational companies despite concerns over last year's Brexit vote. In recent months, several leading brand name companies have announced plans to move certain operations to the U.K. allowing them to take advantage of the country’s lowering corporate tax rate without the stigma they would face in other countries with similar rates.

"Let's be honest: The U.K. has been positioning itself over the last few years as a jurisdiction that is tax-savable," said Thomma. "By 2020, it's going to have the lowest rate of any industrialized country besides Ireland." He added that in terms of business culture, "moving from New York to London is shorter than New York to San Francisco," and due to the slump in sterling since last year's Brexit vote, "the U.K.'s also not as expensive as it previously was, which is another good factor for multinationals' analysis."