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Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

He said that productivity, which measures how efficiently people work, has slowed down in the UK.

It is also a particular problem in Wales where it is the lowest of the four home nations and around 15 percent lower than the UK average, external.

People in Wales also earn lower wages than the UK average, and the country has some of the highest rates of welfare claims.

Pill said improving the efficiency of the Welsh economy is the key to raising living standards.

Things like better infrastructure “to link places together” and creating “a better educated workforce” are recognised drivers of productivity.

But he acknowledged that it is “a very difficult thing to deliver” in an uncertain world, where “public finances are constrained” and politicians face “hard decisions”.

Before joining the Bank of England, Pill previously worked at the European Central Bank from its inception through to the Eurozone crisis, when the survival of the single currency was in jeopardy.

He said the ability of a central bank to set interest rates and print money were powerful tools, but they were also blunt tools.

“It doesn’t allow you to solve all problems,” he said.

Pill said countries like Greece, Spain Portugal and Ireland had to go through “a lot of pain”, with politicians making “difficult decisions” about changing their economies.

But “they have come out the other side in stronger shape,” he argued.

Japanese companies are lining up more than £18 billion of investment in British wind farms, infrastructure and financial services. But HMRC’s treatment of visa paperwork and Japanese health insurance risks souring the relationship before the money lands, a leading tax firm has cautioned.

Blick Rothenberg, the audit, tax and business advisory firm, says the Government and HMRC should take further steps to attract and retain Japanese businesses rather than adding to the cost of employing their staff here.

Aliona Le Khak, who has joined the firm as a Director leading Global Mobility services for Japanese clients, said: “To remain competitive on the global stage, the UK needs to ensure that its tax and regulatory frameworks support, rather than deter, inward Japanese investment. Especially in light of the announcement that Japanese firms will invest up to £9bn in UK offshore wind farms and more than £9bn in UK infrastructure and financial services.”

Her warning follows last month’s Downing Street summit with Japanese prime minister Sanae Takaichi, at which the Government trumpeted agreements expected to deliver more than £18 billion in economic gains and tens of thousands of new jobs.

Chief among the irritants is the Certificate of Sponsorship (CoS), a regulatory requirement placed on employers who hire overseas workers. HMRC has clarified that the cost of obtaining one should be treated as a taxable Benefit in Kind (BIK), even though the obligation falls on the employer, not the employee.

“Given that visa-related costs are already significant, and often subject to tax gross-up, this treatment further increases the financial burden on Japanese employers expanding into the UK,” Le Khak said.

She added: “Visa costs, including CoS are not taxable when assignees come to the UK for the first time, but if an assignee who is already located in the UK applies for a visa for the first time or applies for a visa extension, it is fully taxable. The Government should consider whether HMRC’s position on CoS is reasonable. The definition of BIK is a non-cash benefit provided to an employee by an employer that holds a monetary value – except a CoS provides no direct benefit to the employee and arguably does not hold a monetary value.”

A second row concerns Kenko Hoken, the employer premiums that form part of Japan’s social security system, which HMRC is seeking to tax in the UK despite assignees typically holding private medical cover while here.

“These premiums do not relate to any tangible UK-based benefit,” Le Khak said. “The Government should again consider if HMRC’s position is reasonable and weigh up the short-term benefit of additional tax take verses the long-term benefits of encouraging international expansion and investment.”

The stakes go beyond two technical disputes. “In recent years, Brexit and the increasing tax burden associated with employing expatriate assignees in the UK has contributed to a noticeable decline in the expatriate workforce across the board,” she said, adding that “many multinational companies are now more inclined to redirect investment and operations to alternative locations, including nearby EU countries that offer more favourable tax regimes for expatriates and lower employment costs.”

It is a familiar refrain. Advisers have previously warned that an expat exit tax could drive foreign investment away from the UK, and an estimated 1,800 non-doms quit the country within months of the April 2025 reforms. Yet the appetite from Tokyo is plainly there: Japanese investors poured almost £118 million into Greater Manchester in a single year.

“This risks undermining the UK’s attractiveness as a destination for international business,” Le Khak said. “Increased costs and uncertainty in tax treatment may prompt companies to reconsider further expansion in the UK.”

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

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Corporate America’s headquarters map has continued shifting decisively toward the Sun Belt in 2026, with Texas and Florida cities absorbing the bulk of high-profile relocations while traditional coastal business hubs continue losing companies to lower taxes, cheaper real estate and looser regulation. Here is a look at 10 of the cities drawing the most significant corporate headquarters activity this year, based on data from CBRE Americas Consulting and other real estate and economic development trackers.

1. Dallas-Fort Worth

Dallas-Fort Worth has cemented its status as the fastest-growing headquarters market in the country, gaining 100 relocations between 2018 and 2024 alone. According to CBRE’s 2026 update, the metro logged 18 headquarters announcements in 2025, including 11 interstate or international relocations from higher-cost markets such as Chicago, New York City, San Francisco and Los Angeles, along with seven intrastate moves as companies consolidated operations. Public companies based in Dallas-Fort Worth now hold a combined $1.5 trillion in value, a figure that has doubled over the past five years, with Goldman Sachs among the firms expanding its local headcount to as many as 5,000 employees.

2. Austin

Austin has continued its run as one of the country’s premier tech relocation destinations, earning its “Silicon Hills” nickname through a steady stream of tech startups and established firms moving in. CBRE data shows Austin has attracted 66 headquarters relocations since 2018, more than any other Texas city, drawn by wage savings of 15 to 20 percent compared with Silicon Valley, a lower cost of living, and a strong local venture capital ecosystem that Dealroom.co ranks among the nation’s best for early-stage startups.

3. Houston

Houston remains a top destination for energy and industrial companies, anchored by Chevron’s high-profile 2025 headquarters move from San Ramon, California, which made it the metro’s second-largest public company by market value behind only Exxon Mobil. Exxon Mobil itself asked shareholders in March to approve relocating its legal domicile from New Jersey to Texas after 144 years, citing a more favorable legal and business environment, further reinforcing Houston’s pull among major energy firms.

4. Miami

Miami continues to be one of the primary beneficiaries of the broader corporate migration out of the Northeast, drawing companies from New York and Connecticut in recent years, including Blockchain.com and software firm Anaplan. Florida’s tax system ranks fifth overall on the 2026 State Tax Competitiveness Index, and CBRE noted that two international companies chose Miami in 2025 specifically for its industry concentrations, including a cosmetics firm drawn to the region’s medical spa and dermatological aesthetics sector and a travel company attracted by South Florida’s deep pool of leisure and travel talent.

5. Nashville

Nashville has emerged as a rising destination powered by strength across healthcare, music and technology sectors, according to relocation tracking cited by CRE Daily, which named the city among a group of Sun Belt markets, alongside Charlotte and Phoenix, benefiting from business-friendly policies, diverse talent pools and improved quality of life relative to higher-cost coastal cities.

6. Charlotte

Charlotte has continued building on its reputation as a major banking and finance hub while attracting a broader mix of corporate relocations, buoyed by North Carolina’s business-friendly tax environment and the region’s deep talent pipeline. The city’s growth mirrors that of nearby Raleigh, Durham and Chapel Hill, collectively known as the Research Triangle, which has separately gained traction as a destination for technology and life sciences companies drawn to the area’s university-driven talent base.

7. Chicago

Despite Illinois’ comparatively higher tax burden, Chicago was named the top U.S. metro for corporate relocation and site selection by Site Selection Magazine for a record 13th consecutive year in 2026, based on verified corporate facility projects. Mayor Brandon Johnson credited the city’s manufacturing depth, transportation infrastructure and skilled workforce for the continued investment, with World Business Chicago recording 223 qualifying projects in 2025, a 40 percent increase from the prior year, corresponding to an estimated 19,600 new and retained jobs.

8. Atlanta

Atlanta has continued attracting corporate relocations tied to Georgia’s favorable business environment and strategic incentives, highlighted by the U.S. Soccer Federation’s move of its headquarters and national training center from Chicago to metro Atlanta earlier this year. Automated storage and retrieval systems company Hai Robotics also relocated its Americas headquarters from California to Norcross, Georgia, just outside Atlanta, in June, part of a broader pattern of companies choosing the region for its diverse culture and economic growth.

9. Phoenix

Phoenix has gained increasing attention as a lower-cost alternative to California’s coastal markets, benefiting from Arizona’s business-friendly policies and a growing talent pool. The city has been repeatedly cited alongside Charlotte, Miami and Nashville as one of the Sun Belt markets reinforcing relocation momentum in 2025 and 2026, with rising office demand tied to incoming corporate tenants supporting continued expansion of the region’s headquarters footprint.

10. New York City

Despite California’s steeper losses, New York City has posted a more complicated picture, recording 17 total headquarters relocation announcements in 2025, according to CBRE, though only seven represented genuinely new entrants to the market. The remaining 10 were intrastate moves by companies already based in the broader metro area, many of which cited portfolio optimization while reaffirming their long-term commitment to the region, whether by right-sizing space within Manhattan or shifting into New Jersey or north toward White Plains.

Taken together, the 2026 data underscores a broader national trend: headquarters relocation announcements rose to 164 in 2025, up sharply from 96 the year before, according to CBRE’s expanded tracking of 725 public headquarters announcements since 2018. Technology and manufacturing companies remained the most active movers last year, with 39 and 33 relocations respectively, many shifting away from traditional coastal hubs such as Silicon Valley and Seattle toward lower-cost metros. Meanwhile, California continued to post the steepest net losses among U.S. states, having shed at least 275 headquarters since 2018, with the San Francisco Bay Area alone accounting for 156 of those departures amid persistently high taxes, elevated office vacancy rates and stringent regulatory conditions.

With federal tax policy, interest rate trends and continued hybrid-work adjustments all still evolving heading into the back half of 2026, real estate analysts say the broader southward and westward migration of corporate headquarters activity shows few signs of slowing, even as high-density hubs like Chicago and New York continue to demonstrate they remain competitive for companies prioritizing infrastructure, talent depth and logistical connectivity over tax savings alone.

Ten years after Britain voted to leave the EU, the clearest measurable cost to the British passport is not its overall standing, which remains firmly elite, but a 22-place gap between where it ranks on paper and where it ranks at the border.

That is the headline finding of the sixth annual Global Passport Index, published today by residency and citizenship advisory firm Global Citizen Solutions (GCS), which ranks 197 countries and territories on Enhanced Mobility, Investment and Quality of Living.

Ireland outranks the UK for a second consecutive year, taking 7th place to Britain’s 8th. The composite scores are a whisker apart, roughly 93.4 to 93.08, and the UK has held between 6th and 8th in every edition since 2021.

But on Enhanced Mobility, the pillar that carries half the composite score and measures travel freedom, the two neighbours diverge sharply. Ireland ranks 7th in the world. The UK ranks 30th, a 22-place shortfall from its composite position and the widest such gap GCS identified among its Western European and Anglosphere peers.

The reason is structural. Irish citizens enjoy full EU freedom of movement and, under the Common Travel Area, retain the right to live, work, study and vote in the UK. Ireland ends up with unrestricted access to both arrangements at once. British passport holders, by contrast, now face greater friction entering the EU even as tourists.

For SME owners that friction is no longer abstract. British business travellers are already contending with hours-long queues under the EU’s new Entry-Exit System, and from next year will need a €7 visa waiver under the ETIAS scheme before crossing into the Schengen zone.

Elsewhere the British passport holds up well. Its investment ranking, 16th, is exactly where it stood in 2021, and its Quality of Living rank sits at 9th. Two indicators have softened: national income per capita, at roughly $49,040, ranks only 30th, well behind Ireland’s $71,150, and the UK slipped from 17th to 33rd in the Happiness Index.

“The United Kingdom passport held firm in the global top ten, ranked 8th overall in 2026. Yet for a passport of such standing, its mobility rank is conspicuously modest, around 30th, well adrift of the elite tier it otherwise occupies. That gap is the quiet signature of Brexit. The index measures visa-free travel, where the British passport remains strong, but it cannot capture what was actually lost: the automatic right of UK citizens to live, work and permanently reside across the European Union,” said Patricia Casaburi, chief executive of Global Citizen Solutions.

The UK’s ceiling sits within a wider Anglosphere slide. The United States, which led the index outright in 2021, has fallen to 12th, driven by a 31-place collapse in its mobility ranking after a run of visa reversals, including Brazil reinstating requirements for American travellers in 2025. Canada fell 11 places, Australia 10 and New Zealand 15. Only Ireland improved, up seven places, insulated by its EU membership. Little wonder growing numbers of entrepreneurs are weighing up fast-track routes to a second passport.

“For decades, the Anglosphere passports were treated as fixed inheritance. Our data says it is closer to an asset that can lose value or gain it responsive to policy, to diplomacy, and to how a country chooses to treat others. Ireland’s rise and America’s fall are the same lesson read from opposite ends,” said Dr Laura Madrid, lead researcher at the firm’s Global Intelligence Unit.

Europe, meanwhile, dominates outright. Nine of the top ten passports are European, led by Sweden, Switzerland and Finland, with Singapore in 10th the only outsider. Barely three points separate first from tenth. For British firms doing business on the continent, the message is uncomfortable but clear: the passport in your pocket is still world class, right up until you reach the border.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

Operator

Good day, and welcome to the AZZ Fiscal 2027 First Quarter Results Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Phillip Kupper, Managing Director of Three Part Advisors. Please go ahead.

Phillip Kupper
Three Part Advisors, LLC

Good morning. Thank you for joining us today to review AZZ’s fiscal 2027 first quarter results for the period ended May 31, 2026. Joining the call today are Tom Ferguson, President and Chief Executive Officer; Jason Crawford, Chief Financial Officer; and David Nark, Chief Marketing, Communications and Investor Relations Officer.

After today’s prepared remarks, we will open the call for questions. Please note that the live webcast for today’s call is available www.azz.com/investor-events. Before we begin, I would like to remind everyone that our discussion today will include forward-looking statements made in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

By their nature, forward-looking statements are uncertain and outside the company’s control, except for actual results, AZZ’s comments containing forward-looking statements may involve risks and uncertainties, some of which are detailed from time to time in documents filed by AZZ with the Securities and Exchange Commission, including the latest annual