With thousands of Canadian in the UK, it’s not a surprise that many Canadian businesses have been set up there. But this situation is about to see changes as Canadian business are at the risk of facing unemployment.
This news came as Bill Morneau the Finance Minister of Britain warned employees of Canadian business to be on the alert due to the fact that Canada is poised for exiting the European Union.
Although debates are still going on about this, Canadian businesses are in a confuse state about the outcome of the debates.
A lot of Canadians open businesses in UK with the hope of becoming part of the bigger European market. But this is not a good move at this point in time as it still remains unclear if Canada will still continue to be a member of the European Union.
This will save as a very bad event for many Canadian businesses if the country backs out of the Union because they get to benefit a lot being part of the Union.
Canada gets to benefit a lot from Britain because it is believed that UK is a stronger member in the Union. Canada however is yet to sign the Canada-EU free trade deal.
However UK will get to face great difficulties in trying to get a Canada-EU free trade deal. The Finance Minister stated that huge profits will be derived from the trade deal. Up to 20% increment will be made in trade which in turn will maximize Canada‘s GDP.
Canadians investors back home are patiently waiting for what decision will be reached upon since it will have great impacts on their investments.
Morneau on Tuesday said “Canadian businesses have come to the realization that the steps they took to invest in UK with the aim of benefiting in the bigger market is a huge mistake on their part.”
The decision Canadian business took will now leave employees vulnerable to unemployment and other business risks.”
He went on to state that “ so Canadian employees in the United Kingdom are more at risk because of this discussion.”