Messaging giant Snapchat to make UK main base outside US

Snap, the owner of Snapchat, has confirmed it will make the UK its main hub outside the US. The California-based tech giant, which is reportedly preparing for a $25bn (£21bn) stock market float on Wall Street, said the UK was “a great place to build a global business”. Its decision sets it apart from the likes of Apple, Google, Facebook and others who have chosen countries such as Ireland for a base in Europe, taking advantage of lower tax regimes.

The UK is where our advertising clients are, where more than ten million daily Snapchatters are, and where we’ve already begun to hire talent.

Claire Valoti, general manager of Snap Group Limited in the UK

Snapchat’s announcement follows the move by McDonald’s to switch its non-US tax base from Luxembourg to Britain as the fast food giant faces a battle with EU regulators over tax. Meanwhile, Google recently confirmed plans for a new purpose-built UK site - an announcement hailed as a vote of confidence in the UK after the Brexit vote left doubts over its attractiveness for global firms. Plans to slash UK corporation tax have helped boost Britain’s allure for multinationals.

Technology