Express
Project Fear exposed: Four major warnings Remainers got wrong – as Shell relocates to UK
BREXIT BRITAIN’S latest victory will see oil giant Shell relocate its headquarters to the UK has fuelled new Frexit calls, with a leading campaigner insisting it once again proves how Project Fear was “wrong on everything”.
By PAUL WITHERS
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.