easyJet has examined setting up a separate European business if the UK votes to leave the European Union which would involve obtaining an air operator’s certificate (AOC) in another EU country, which would require it to establish a local holding company. In the event of a Brexit easyjet will be the only UK based major without an AOC in an EU country. Earlier this year, easyjet warned in a prospectus for a debt issuance that if Britain leaves the EU it will most likely have a “material adverse effect” on the airline.

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