Shire has joined the list of UK companies choosing to establish a parent company in another country. The pharmaceuticals maker follows Shell, Experian, Invesco and the insurers Hiscox and Omega.

Does this matter? We think it does. Companies headquartered in the UK bring jobs and income into the UK economy. Consider the South African companies that moved into the UK a decade or so ago. Some built UK operations, while others just built headquarters. But in each case several hundred UK jobs were created. Direct employment in the UK has an important multi­plier effect on jobs from the related services bought here.