[aries1980]

> No ability for British firms to operate in other European countries with equivalent rights as a local company, will have to form subsidiaries instead in many cases.

This has never been the case.

To enjoy full rights, you have to have a local office. Tax forms e.g. Hungarian employment tax forms doesn't even accept the UK postcodes as administrative address, let alone grant application forms.

[ska]

Having a local office isn't the same as having a subsidiary. All of this will mostly make accountants happy, I suspect.

[rvba]

You are confusing having to pay taxes with things like permanent establishment.