London's big companies will leave if Britain chooses to leave the EU

(Baonghean.vn)- London's largest companies have warned that they will leave the capital if the UK leaves the European Union (EU), as EU trade restrictions will hurt their businesses in the event of a Brexit, according to The Sunday Times.

London is home to many major EU companies and organisations (Photo: Flickr).

Several of London's biggest companies, who asked not to be named, told The Sunday Times they had set up committees to prepare for relocation in the event of a majority vote in favour of leaving the EU.

“We will move to Luxembourg,” an unnamed source at a London fund told the newspaper on June 14, adding that some senior management may remain in the British capital, “but most people will have to move.”

These fund managers explained that Brexit would limit their ability to sell investment products, as the EU requires a company to be based in a member state for such trade to take place within the economic bloc.

British Prime Minister David Cameron has pledged to hold a referendum on the UK's EU membership before the end of 2017.

Mr Cameron has repeatedly said Britain should stay in the EU on renegotiated terms. He is now seeking to restore Britain's relationship with the EU ahead of the poll, pushing Brussels to reform the bloc's budget system and give national governments greater powers to control migration.

Thu Giang

(According to Sputnik, The Sunday Times)