Project Fear exposed: Four major warnings Remainers got wrong – as Shell relocates to UK
Netherlands cashing in on Brexit UK business flocks to EU
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In a huge win for Brexit Britain, Royal Dutch Shell is scrapping its dual share structure and moving its head office to the UK from the Netherlands. The company is dropping “Royal Dutch” from its name – part of its identity since 1907 – to become Shell Plc. The firm has been at the centre of a bitter row with Dutch authorities over the country’s 15 percent dividend withholding tax on some of its shares, which makes them less attractive for investors.
The new single structure with all shares under British law means none of its shares would be under this tax and will also enable the oil giant to quickly strike sale and acquisition deals.
The Dutch government responded by saying it was “unpleasantly surprised” by Shell’s decision to move its head office from The Hague to London.
But the move has been seen as a huge vote of confidence in the City of London following the UK’s departure from the EU, which triggered a shift in billions of euros in daily share trading from the English capital to Amsterdam.
Charles-Henri Gallois, President of the Generation Frexit campaign group in France, argued the huge thumbs up to Brexit Britain by another global firm is a brilliant example of why Project Fear doom-mongering is being destroyed.
The campaigner, listing the four major areas Project Fear was wrong, told Express.co.uk: “I have been thinking that Britain was correct to leave since day one.
“It shows that Project Fear was wrong on everything. Wrong on unemployment, wrong on the growth, wrong on investments, wrong on the pound value.
“Actually, if you look at the IMF predictions, the UK will do better than the Eurozone.”
Earlier this year, Unilever announced it would be ditching its joint Anglo-Dutch corporate structure in favour of establishing one company in the UK.
The consumer goods giant said the decision would provide it with “greater strategic flexibility”.
Mr Gallois doesn’t envisage a major French or German firm moving its HQ to the UK but warned companies are becoming increasingly attracted to Brexit Britain.
He continued: “Unilever and Shell are quite particular as they were from the Netherlands and the UK. They have chosen the UK.
“I don’t see a French or German company moving its HQ to the UK.
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“But it shows the attractiveness and the post-Brexit UK.
“You don’t have to tie to EU rules anymore. Maybe more American and Asian firms will choose the UK to host their European hub as you have a good trade deal agreement with the EU.”
Eric Noirez, also from Generation Frexit, described the announcement from Shell it was relocating its main operations to the UK as a “political bomb”.
He told Express.co.uk: “It is an incredibly revealing example – Shell, a British and Dutch company, the third-largest in the world, decides, between the EU member country where it has been established for 17 years and the country that has just left the structure governed by the laws of Brussels, to choose the latter.
“In doing so, Shell is in a way doing its own Brexit.
“Shell is coming to say to the world to say ‘We too prefer to leave the European Union’ and ‘The future belongs to those who leave the European Union’.
“This announcement is a political bomb!”
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