Dutch king: ‘Brexit will cost us jobs’

Britain's vote to leave the EU has caused uncertainty in Europe and will impact The Netherlands including causing job losses, Dutch King Willem-Alexander said on Tuesday.

Giving his traditional speech marking the opening of parliament — written by Prime Minister Mark Rutte and his cabinet — the king said the internationally-focused Dutch economy faced its greatest danger from outside the country.
"There are new uncertainties in Europe as a result of the Brexit vote, which will also directly impact The Netherlands," the royal said in his "Prinsjesdag" (Prince's Day) speech at the historic 13th century Knight's Hall near parliament.
"The United Kingdom is one of our most important trading partners and the Brexit's going to cost jobs, also in The Netherlands," he said.
The Dutch central statistics office (CBS) has predicted that the June 23 vote by Britain to leave the European Union would hit the Dutch economy "relatively harder" than most other EU countries.
Britain is third-most important trading partner for the Dutch after Germany and Belgium, with the CBS saying declining trade could cost the lowlands country some 10 billion euros ($11.1 billion) in losses by 2030.
There are some 300,000 jobs in The Netherlands directly tied to Britain, particularly in the food-processing industry, the respected Dutch daily NRC reported.
"Within the EU, only Ireland and Malta are more dependent on Britain," the paper added.
Dutch Finance Minister Jeroen Dijsselbloem was to present the government's budget for 2017 later Tuesday.
The budget includes a billion euros for increases in rental subsidies, elderly care and childcare, as well as 450 million euros to beef up security, particularly for the fight against terror groups.
Willem-Alexander's speech, his fourth since being appointed king in April 2013, was preceded by the traditional pomp and ceremony of parliament's opening.
This included the yearly coach ride of the king and his popular wife Queen Maxima from a nearby palace watched by cheering crowds.
Meanwhile, online trading company IG Group Holdings Plc said on Tuesday financial markets had become "increasingly subdued" in the two months after Britain's shock vote to leave the European Union, presenting clients with limited trading opportunities.
However, the British company said revenue rose 5.1 percent to 111.4 million pounds ($145.2 million) in the quarter ended Aug. 31.
Ahead of the EU vote, IG increased the amount of cash clients were required to hold in their accounts before making trades, a decision that helped the firm manage the "night of severe and sudden movements in financial markets" that followed the "Brexit" vote.
Revenue rose in all regions except for IG's largest market — the UK — where the impact of actions taken around the referendum and resulting "dull" markets were felt the most, it said.
Revenue in the UK and Ireland fell 1.8 percent to 55.4 million pounds, while Europe saw a rise of 13 percent, IG said.
Many investors are sitting on their positions, rather than taking out new ones or altering them significantly, as they wait for further guidance on how the British economy might behave when divorce proceedings from the EU kick off in earnest.
IG Group, which has over 152,600 active clients according to its website, said active clients rose 18 percent in the period, while revenue per client fell 11 percent.

Source: Arab News