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Eldorado

Brexit uncertainty helps kill Flybmi airline

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Eldorado

"British regional airline Flybmi has gone into administration and has cancelled all flights with immediate effect, the company said in a statement on Saturday, blaming Brexit uncertainty as one of the reasons for its collapse."

"The airline, based in the English East Midlands, operates 17 planes flying to 25 European cities. It employs 376 people in Britain, Germany, Sweden and Belgium."
 

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L.A.T.1961

Seems like it's an industry wide problem - 

 

"Several European airlines have folded or hit financial trouble during the past two years. Britain's Monarch collapsed in October 2017, while Germany's Germania filed for insolvency earlier this month.

Air Berlin and Alitalia went bust, although the latter was propped up by the Italian government.

Primera, Cobalt, Azurair Germany, Small Planet Airlines and SkyWork may not be household names, but all succumbed to the market turbulence sweeping across the sector. Flybe is being rescued by a consortium led by Virgin Atlantic and Stobart Air, assuming the deal is approved by shareholders.

Last month Norwegian Air Shuttle was forced to seek an emergency cash injection, putting a question mark over its promise to revolutionise budget long-haul travel." 

https://www.bbc.co.uk/news/business-47278322

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Eldorado

In other depressing news....

Honda to close Swindon plant.

"Honda are clear this is based on global trends and not Brexit, as all European market production will consolidate in Japan in 2021."

Full report: https://www.bbc.co.uk/news/business-47282603

It's not just British airlines suffering...

"Several European airlines have folded or hit financial trouble during the past two years. Britain's Monarch collapsed in October 2017, while Germany's Germania filed for insolvency earlier this month."

Full "expert" opinion piece: https://www.bbc.co.uk/news/business-47278322

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freetoroam

Brexit is just an excuse.

You only need read the reviews about them to see why they have folded.

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bogdan9310

The airlines will be the first to see the consequences.

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stevewinn
5 hours ago, freetoroam said:

Brexit is just an excuse.

You only need read the reviews about them to see why they have folded.

Exactly, poorly run by the management. 

How they can blame brexit at all when we must remember planes will still fly and land post Brexit deal or no deal. This is already agreed between the UK & EU. 

It's a bit like airbus. Apparently brexit will be catastrophic for it. Yet all aeroplane/aviation is tariff free under WTO. So, the same as today. 

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freetoroam
12 hours ago, bogdan9310 said:

The airlines will be the first to see the consequences.

Might as well go the whole hog and blame Brexit for these too:

https://en.m.wikipedia.org/wiki/List_of_defunct_airlines_of_the_United_Kingdom

Note i have not listed the airlines which have folded over the years in the UK because THERE ARE SO MANY.

It has nothing to do with Brexit!  

Edited by freetoroam
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CrimsonKing
19 minutes ago, freetoroam said:

Might as well go the whole hog and blame Brexit for these too:

https://en.m.wikipedia.org/wiki/List_of_defunct_airlines_of_the_United_Kingdom

Note i have not listed the airlines which have folded over the years in the UK because THERE ARE SO MANY.

It has nothing to do with Brexit!  

Well Trump gets blamed for people committing fake "hate crimes" against themselves lol,and Democrat governors wearing blackface 30 years ago here in the US so...Yeah i can see people in Europe blaming Brexit for causing everything from the World Wars to the Spice Girls... :unsure2:

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Eldorado
2 hours ago, CrimsonKing said:

Well Trump gets blamed for people committing fake "hate crimes" against themselves lol,and Democrat governors wearing blackface 30 years ago here in the US so...Yeah i can see people in Europe blaming Brexit for causing everything from the World Wars to the Spice Girls... :unsure2:

Aye.  It's all snowflake hysterics . We should trust our leaders, (who are all currently still stabbing one another in the back; both the Right and the Left)

 

"Heightened uncertainty drives financial services companies to move almost £800 billion of assets to Europe.

LONDON, 07 January 2019: In the face of an increasingly uncertain outlook over the UK’s relationship with the EU, financial services firms have continued to relocate staff and assets away from London to Europe, in a bid to protect their clients and investors from the impact of any Brexit outcome.

As of 30 November 2018, 36% (80 out of 222) of the companies monitored in EY’s Financial Services Brexit Tracker had publicly confirmed, or stated their intentions, to move some of their operations and/or staff from the UK to Europe – increasing from 31% (68/222) over the last twelve months. For universal and investment banks, wealth and asset managers and the insurance sector, that number jumps to 48% of firms (68 out of 143).

Over half (56% or 27 out of 48) of the universal banks, investment banks and brokerages monitored by the Brexit Tracker have said they are considering moving or have confirmed that they are moving some of their operations and/or staff. This compares to 44% (25 out of 57) of wealth and asset managers and 42% (16 out of 38) of insurers and insurance brokers. 

In aggregate, 30% (67 out of 222) of firms monitored by the Brexit Tracker have now confirmed at least one location in Europe to where they are moving, considering moving, or adding staff and/or operations, up from 25% last quarter.

https://www.ey.com/uk/en/newsroom/news-releases/19-01-07-ey-financial-services-brexit-tracker-heightened-uncertainty-drives-financial-services-companies-to-move-almost-800-billion-pounds-of-assets-to-europe

 

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Eldorado

"In less than 50 days, UK firms could face the biggest change to their terms of trade in over a generation, without the information and clarity they need to navigate their forward course,” explains Adam Marshall, director general of the BCC).

“There is a very real risk that a lack of clear, actionable information from Government will leave firms, their people and their communities hung out to dry. Even those companies trying their hardest to get ready are still in the dark on important matters from contracts through to customs. Many others, who took the decision to wait for the political process to conclude before acting, would face sudden and costly adjustments if a deal is not reached.

“It is little wonder that many firms have been holding back on investment, stockpiling, and even opening offices and moving operations and jobs elsewhere. The imperative remains to avoid a messy and disorderly exit on March 29th, but businesses need answers they can base decisions on, no matter the outcome. The lack of clear, precise answers is now causing real damage to many businesses, and to the wider economy.”

https://readyforbrexit.co.uk/business-has-these-questions-about-brexit-can-government-answer-them/

https://readyforbrexit.co.uk/the-list-of-companies-setting-up-hqs-or-bases-on-mainland-europe-ahead-of-brexit-grows/

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bogdan9310

Honda is Swindon is shutting down operations in England.

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itsnotoutthere
On 18/02/2019 at 11:44 PM, stevewinn said:

Exactly, poorly run by the management. 

How they can blame brexit at all when we must remember planes will still fly and land post Brexit deal or no deal. This is already agreed between the UK & EU. 

It's a bit like airbus. Apparently brexit will be catastrophic for it. Yet all aeroplane/aviation is tariff free under WTO. So, the same as today. 

I know steve, it is really getting beyond a joke. We are now deeply into "the boy who cried wolf" territory, in fact if there were a real doom and gloom story on the bbc about brexit I really wouldn't know how to spot it.

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