What could Brexit mean for Nordic businesses?

The UK has a close relationship with the Nordic countries, three of whom are EU members.

The UK enjoys a business partnership with three of the Nordic nations that are in the European Union (Norway and Iceland are outside of the EU and are members of the European Economic Area).

Swedish companies that are well known to British consumers include the likes of H&M, Volvo and Securitas. Collectively, Swedish companies are said to employ approximately 100,000 people. While a Brexit would not lead to large scale job losses or the exit of such companies from the UK, it is likely to be a major consideration in the event of future partnerships with Swedish businesses. Other names with strong presences in the UK include Spotify and Klarna, which both have subsidiaries in UK and operations in what is one of the largest markets in Europe.

Denmark is another major player in British business. Maersk, Lego and Arla Foods are Danish companies with operations in the UK, and an exit from the European Union could complicate trade and raise the prospect of future barriers to business. On the other hand, Denmark has one of the strongest eurosceptic movements in Western Europe and a Brexit could push Danish citizens into pressurising their own government for a referndum.

Finland is a smaller player in the British business scene, however lift and escalator maker KONE is a company many Brits will be familiar with, without necessarily being aware of its Finnish origins. Finnish companies benefit from access to the UK and the collaboration on projects, however Finland itself has suffered as a result of being stuck with the euro, leading to a growing eurosceptic movement in Finland led by the “True Finns” party.

Regardless of the outcome of the referendum, the UK’s ties with our Nordic partners will remain strong and the prospect for future projects shall continue.


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