NOTE! This site uses cookies

By continuing to browse the site you are agreeing to our use of cookies. For more detalis, see Read more

Accept

What are you looking for?

Spain to overturn decree that facilitated companies fleeing Catalonia

Madrid regrets "important damage" caused to economy after referendum

SHARE

11 October 2018 11:24 AM

by

ACN | Barcelona

The Spanish government will overturn the decree that facilitated major companies moving their headquarters out of Catalonia, a measure passed by the previous executive in Madrid a year ago in response to an independence referendum deemed as illegal.

Spanish vice president Carmen Calvo regretted that the conservative government of Mariano Rajoy put forward legislation that inflicted "important damage" on the Catalan economy.

One year on, estimates suggest that over 4,000 firms moved their bases out to Spain, including Catalonia’s two main banks, CaixaBank and Banc Sabadell.

The new government led by the Socialist Pedro Sánchez urges these businesses to come back, as both governments now enjoy a "loyal and stable" relationship, said Calvo.

  • "The conditions for companies leaving no longer exist, as shown by the fact that every time we visit Catalonia we meet with [government] officials"

    Carmen Calvo · Spanish vice president

"The conditions for companies leaving no longer exist, as shown by the fact that every time we visit Catalonia we meet with [government] officials," said Calvo.

Recent reports from Catalan newspapers suggest that not only did the Spanish government facilitate the relocation of major companies, but also put pressure on them by withdrawing funds from public companies' accounts.

According to the Ara newspaper, some 10 billion euros were withdrawn from CaixaBank and Banc Sabadell, in an orchestrated political attempt to punish the Catalan economy.

SHARE

  • The headquarters of the Banc Sabadell in Alacant (by José Soler)

  • The headquarters of the Banc Sabadell in Alacant (by José Soler)