Agag warns Formula E could leave UK due to Brexit tax concerns

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You're listening to It Only Takes E Minute, and we briefly have to touch upon politics amid Brexit concerns.

CEO of Formula E, Alejandro Agag, has warned that he may be forced to take the sport out of the UK overnight if the Brexit deal isn't satisfactory in terms of tax and employment clauses. He said: "We have a lot of expats that work in the company, and a lot of our contracts come from the European Union in terms of sponsorship, so if there is not a deal in terms of tax and employment, we will leave."

Currently, about 100 staff are employed at the London headquarters for the sport, with Agag supposing they are half of them British and the other half from outside the UK. Whilst Agag would prefer to stay in London, he said: "We probably would leave overnight. We could make a decision in one day and then leave. We're looking at different options. Maybe Holland, maybe Monaco. Some nearby place in the European Union."

His specific concerns around tax are that if Brexit doesn't sort a deal that keeps withholding tax rates low, then his revenue would drop and it would be crazy not to avoid that situation. As he says: "It's a no-brainer."

Credit: FIA

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