Brexit snub as Intel boss turns back on UK – microchip giant hopes for EU deal in months

Since the UK left the bloc on January 1, British businesses have complained they are losing access to European customers. Now, Intel Corporation, an American multinational corporation and technology company, has snubbed Brexit Britain in favour of the EU’s single market.

Pat Gelsinger, Intel CEO, said the firm wants to boost its output amid a global chip shortage that has hit the supply of cars and other goods.

Intel added the shortage has shown Europe and the US are too reliant on Asia for microchips and is looking to invest up to $95billion (£70bn) on opening and upgrading semiconductor plants in Europe over the next 10 years.

But Mr Gelsinger shared before the UK left the EU, the country “would have been a site that we would have considered”.

He added: “Post-Brexit… we’re looking at EU countries and getting support from the EU”.

Speaking to the BBC, Mr Gelsinger said Intel is looking for a deal to start a factory within the EU.

He said: “I have no idea whether we would have had a superior site from the UK.

“But we now have about 70 proposals for sites across Europe from maybe 10 different countries.

“We’re hopeful that we’ll get to agreement on a site, as well as support from the EU… before the end of this year.”

READ MORE: Brexit LIVE: EU shut down Frost as UK on brink of Article 16 trigger

In January 2019, British bank Barclays moved £166bn of client assets to Dublin, Ireland.

The bank said at the time it could not wait any longer to implement Brexit contingency plans.

As of 2020, at least 140 companies had moved to the Netherlands since the Brexit referendum, according to the Netherlands’ Foreign Investment Agency.


It comes after Boris Johnson warned businesses against using Brexit as an excuse for failing to invest in people.

The Prime Minister said: “That’s the direction in which the country is going: towards a high-wage, high-skilled, high-productivity and, yes, thereby a low-tax economy.

“That is what the people of this country need and deserve. Yes, it will take time, and sometimes it will be difficult, but that is the change people voted for in 2016.”

He also said to the BBC it was not his job to “fix every problem in business”, dismissing claims of labour shortages and supply chain problems that are fuelling inflation.

The Prime Minister was savaged by industry leaders for his comments.

Richard Walker, managing director of Iceland and a Leave voter, accused the Government of treating businesses like an “endless sponge”.

He told The Times: “The finger is being pointed at business as the bogeyman, but it’s much wider than that.

“We want to pay our people as much as possible but business is not an endless sponge that can keep absorbing costs in one go.

“Next year we’ll have a wave of higher costs from higher energy bills, extra HGV drivers, packaging costs.

“We can only weather so many cost increases at once, so they need to taper it.”

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