‘Political bomb!’ Shell ‘doing own Brexit’ with huge EU snub in favour of UK move
Farage praises ‘big victory for Brexit Britain’
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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 Britain 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.
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.
Eric Noirez from the Generation Frexit campaign group in France said the move from Shell is a prime example of why Brexit is vindicated and the UK right to escape EU rules.
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!”
Mr Noirez added: “There is a truly comical side to this as EU propagandists have been telling us for years that the Brexit would ruin the British economy as it would drive away businesses, shareholders, capital, that all would go to “take refuge” in the Holy EU.
“Not only have these predictions of doom never been validated by the facts, but it is even the opposite that we can see with this surprise ‘relocation’ of Shell to British soil.”
Generation Frexit President Charles-Henri Gallois is also convinced the announcement from Shell shows Brexit has been brilliantly vindicated, and destroys all Project Fear doom-mongering.
He told Express.co.uk: “This proves what I have been thinking since day one – that Britain was correct to leave the EU.
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“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 perspectives, the UK will do better than the Eurozone.”
Mr Gallois was referring to bombshell new analysis from the International Monetary Fund (IMF) predicting Brexit Britain will outperform the EU’s top economies and that of the Eurozone as a whole this year and next.
The International Monetary Fund (IMF) publishes its “World Economic Outlook” twice every year, which details a number of measures, including predicted growth of the world’s economies.
The UK economy is forecast to grow by 6.76 percent in 2021 – more than double that of Germany (3.05 percent) – the EU’s largest economy.
Following the UK in this list is France (6.29 percent), Italy (5.77 percent), Spain (5.74 percent) and the Netherlands (3.77 percent).
EU economies combined are predicted to grow at an average of 5.10 percent, while this number dips even further for the Eurozone (5.04 percent).
Looking ahead to 2022, the IMF has again forecast Brexit Britain will outperform the whole EU27 and the entire Eurozone.
The UK tops this table, with growth forecast at 5.01 percent in 2022, while this again falls for the EU27 (4.44 percent) and the Eurozone (4.35 percent).
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