Unilever boss warns WTO rules would be 'worst case scenario' after Brexit
The boss of Unilever has warned that a reversion to World Trade Organisation rules following Brexit would be the “worst case scenario” as the consumer goods giant nears a decision on whether to pick the UK or the Netherlands as its headquarter base. Paul Polman said that it would be a “real shame” for the UK to trade under WTO terms and the Government needed to opt for “the best outcome for the UK and Europe.” "In the end I hope that common sense prevails,” he added. The Anglo-Dutch maker of Dove, Marmite and Surf said that it would complete its review over whether to pick London or Rotterdam for its main base by the end of this quarter. A decision would mean that Unilever keeps its dual-stock market listing and maintains both Dutch and UK corporate governance code, but its legal base would be simplified by not having to be registered, or hold shareholder meetings in two countries. Mr Polman insisted that “Brexit is not a factor” in the headquarter decision as the company would be making its decision “for the next 30 to 50 years”. However, tensions around the UK's withdrawal from the EU have meant that the multinational's review of its headquarters has become highly politicised. Unilever's headquarters in London Around a third, or €1bn (£875m), of the goods Unilever makes in the UK are exported, which has also fed into the company's discussions with the Government about trade borders. Mr Polman said that Unilever had held “constructive” discussions with both the UK and Dutch governments about the best outcome for its review. Last year the Dutch government proposed lowering the country's corporation tax and scrapping dividend withholding tax in a move that commentators argued was a naked attempt to win over Unilever. Unilever's attempt to simplify ...Read the rest of this story
