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Brexit uncertainty continues to dissuade multi-national companies from staying put

An American tourist stands near the Houses of Parliament the day after the majority of the British public voted to leave the European Union on June 25, 2016 in London, England.
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An American tourist stands near the Houses of Parliament the day after the majority of the British public voted to leave the European Union on June 25, 2016 in London, England.

Brexit fears for U.K. based companies were stoked on Friday as multi-national businesses continued to eye a move abroad and Nissan's alleged "sweetheart" deal with the U.K government faced calls for an investigation.


Nissan committed to building two new car models at its biggest UK car plant in Sunderland, north east England, in October despite uncertainty as the country's government prepared for Brexit negotiations with the European Union (EU).

Andrew Tyrie, chair of the Treasury Select Committee, sent an open letter to the U.K.'s National Audit Office (NAO) on Wednesday to begin an investigation into the alleged "sweetheart" deal between Nissan and the U.K.

"The Treasury Select Committee would be grateful if you could examine whether contingent liabilities have arisen as a result of Government commitments, and/or assurances, to secure the Nissan investment for the UK," Tyrie wrote to the NAO on Wednesday.

The Japanese carmaker reached a deal with the U.K. government to commit its immediate future to the country however the agreement has raised concerns that EU laws may have been breached.

Exploring alternatives

U.K. based financial services' companies have also been exploring alternatives to Britain after the country voted to leave the EU.

Ireland's central bank has witnessed a substantial spike in the number of inquiries for such companies to operate from Dublin post-Brexit.

"Since the UK referendum, there has been a material increase in the number of authorization queries from UK-authorized entities," Cyril Roux, deputy governor of Ireland's central bank, told reporters on Thursday.

"We're seeing applications throughout the whole spectrum. We have applications for new business, the licensing of firms who are not present here but we also see very significant indications from regulated firms that are small today but want to be big tomorrow," he added.