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22-01-2019, 09:43 PM
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Re: A true Leaver

Originally Posted by OldGreyFox ->
Chief executive Jim Rowan said it was not to do with Brexit or tax but added: "It's to make us future-proof for where we see the biggest opportunities."
Which is a different way of saying that there is no future and there are no big opportunities in the UK.
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22-01-2019, 09:44 PM
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Re: A true Leaver

Didn't hear the remainers saying anything about Chanel moving their European HQ to London.

Or Bloomberg investing 1 billion in their EU headquarters .... in London....
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22-01-2019, 09:45 PM
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Re: A true Leaver

Originally Posted by AnnieS ->
Which is a different way of saying that there is no future and there are no big opportunities in the UK.
Maybe in your world
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22-01-2019, 09:49 PM
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Re: A true Leaver

Originally Posted by AnnieS ->
Which is a different way of saying that there is no future and there are no big opportunities in the UK.
Are you reading between the lines again Annie? What he actually said was that there would be more room to expand his business from Asia. No doubt his UK business will also benefit from his expansion...
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22-01-2019, 09:51 PM
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Re: A true Leaver

Originally Posted by OldGreyFox ->
Are you reading between the lines again Annie? What he actually said was that there would be more room to expand his business from Asia. No doubt his UK business will also benefit from his expansion...
What will be left of his UK business other than the R&D unit? The HQ move will presumably mean he now avoids UK tax.
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22-01-2019, 09:55 PM
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Re: A true Leaver

Originally Posted by OldGreyFox ->
Dyson has announced that it is moving its headquarters to Singapore, from Malmesbury in Wiltshire.


The move by the appliance maker means two executives will relocate - chief financial officer Jorn Jensen and chief technical officer Martin Bowen.

Other work at Malmesbury will not be affected and no jobs will be lost.

Chief executive Jim Rowan said it was not to do with Brexit or tax but added: "It's to make us future-proof for where we see the biggest opportunities."

He added: "We have seen an acceleration of opportunities to grow the company from a revenue perspective in Asia. We have always had a revenue stream there and will be putting up our best efforts as well as keeping an eye on investments.

"We would describe ourselves as a global technology company and in fact we have been a global company for some time. Most successful companies these days are global."

British bases
Dyson already has a presence in Singapore and in October announced plans to build its new electric car in its new factory there.

Most of its products are designed in the UK, but manufactured in Asia.

Sir James Dyson: From barrows to billions
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Dyson gears up for electric car testing
The company was keen to stress that it will still be investing money in its British bases.

Mr Rowan said it would be spending £200m in new buildings and testing facilities in Hullavington, and £44m in refreshing office space and adding new laboratories in Malmesbury as well as investing £31m for the young undergraduates at its university on the same site.

"Malmesbury has been the epicentre for us and we will continue to invest all over the UK," he added.

"The tax difference is negligible for us," added Mr Rowan, who confirmed that the company would be registered in Singapore, rather than in the UK.

"We are taxed all over the world and we will continue to pay tax in the UK."

Analysis:
Theo Leggett, business correspondent

Dyson's chief executive Jim Rowan said today he would describe the business as a global technology company.

However, because its roots are in Britain and its founder Sir James Dyson has been a vocal supporter of Brexit, the decision to move its headquarters to Singapore is likely to make political waves.

In practical terms, the change is a minor one. Two senior executives will be transferred to the Singapore office, where the company itself will now be registered.

There will be no impact on its 4,000 workers in Britain, and according to Mr Rowan, little impact on its tax affairs either. In 2017, it paid £95 million to the Exchequer.

It will continue to invest in its UK research and engineering sites in Malmesbury, London and Bristol, as well as a new centre in Hullavington, where it plans to develop a groundbreaking electric car.

But the change is still highly symbolic.

Dyson has made it clear its centre of gravity now lies in Asia, where it sees the biggest opportunities for growth.

After advocating Brexit, announcing he’s is relocating his head office to another country doesn’t show great faith in the UK

He obviously doesn’t believe in the vision of a global UK as set out by Brexiteers. He could have opened s subsidiary office but has instead decided that he would rather his company was Singaporean rather than British. Current technology has if anything made the location of head offices irrelevant and is no barrier to growth. So why move?

Possibly because traditional retail outlets are declining, being replaced with online sales. Large corpotations are increasingly selling direc, following Apples model and some “manage” their tax liabilities by the sales transaction taking place in a low taxation country. And Singapore is.. ......
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22-01-2019, 10:00 PM
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Re: A true Leaver

It's about tax and being close to what he sees as the big markets of the future. Being in a no deal country between the US and Europe is now a liability. The US is becoming totally insular, the EU inaccessible from the UK. Geographical proximity to markets is a competitive advantage for most businesses.
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22-01-2019, 10:03 PM
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Re: A true Leaver

Originally Posted by OldGreyFox ->
Are you reading between the lines again Annie? What he actually said was that there would be more room to expand his business from Asia. No doubt his UK business will also benefit from his expansion...
That is if you believe the spin. Why would keeping his head office in the UK restrict his company’s expansion, particularly in the global trading UK he has been advocating. Sorry but I just don’t buy it
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22-01-2019, 10:08 PM
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Re: A true Leaver

How many signs do people need in order to believe that the UK economy is going down the pan because of the Brexit shambles? Every day we hear more news about redundancies, moves, contraction, closures. People are not spending money.
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22-01-2019, 10:10 PM
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Re: A true Leaver

Originally Posted by AnnieS ->
It's about tax and being close to what he sees as the big markets of the future. Being in a no deal country between the US and Europe is now a liability. The US is becoming totally insular, the EU inaccessible from the UK. Geographical proximity to markets is a competitive advantage for most businesses.
Manufacturing proximity to key markets is a huge logistical advantage, where the head office is located does could however have tax benefits
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