Spain to overturn decree that facilitated companies fleeing Catalonia

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.