Daily Management Review

Japanese Firms Could Move Out Of The U.K. If Their Profits Are Impacted By A Brexit Deal


02/10/2018




Japanese Firms Could Move Out Of The U.K. If Their Profits Are Impacted By A Brexit Deal
Warnings of the consequences of a bad Brexit deal on the Japanese companies was issued by the Ambassador of Japan to the United Kingdom - Koji Tsuruoka, to the British Prime Minister Theresa May in London on Thursday.
 
In case of a bad Brexit deal impacting the profits of the Japanese companies based in the country, the companies would be forced to move out of Britain and potentially set up shop in some of the other European countries, he warned. 
 
These comments were made by the ambassador to the press outside 10 Downing Street, following a meeting convened by May with the senior representatives of Japanese businesses which have significant investments in the U.K.
 
Car builders, banks and tech companies are among the major investors from Japan in Britain.
 
Tsuruoka said: "If there is no profitability of continuing operation in the UK, not Japanese only, no private company can continue operations. So it is as simple as that. And this is all high stakes that I think all of us need to keep in mind."
 
While maintaining that the fate of the Japanese companies in Britain clearly depended on the outcome of its deal with the European Union, he reiterated that the Japanese companies operating from the U.K. was happy doing so and intended to continue with the business form the country.
 
"The question is whether the arrangements that will be reached between the two sides will allow the Japanese companies, who are willing and in some ways determined to continue to operate in the UK, to make that happen. This is contingent on a number of factors and there is not just one single factor that will be determining the decision," said Tsuruoka.
 
Clarity and certainty and predictability was what the Japanese companies are looking for from a Brexit deal and they were watching the developments closely he said.
 
International Trade Secretary Liam Fox, Business Secretary Greg Clarke and Chancellor of the Exchequer Philip Hammond were also present in the meeting along with May.
 
A spokesperson for Number 10 said later: "The prime minister discussed the role of our modern Industrial Strategy in making the UK an even more attractive destination for Japanese and international investment, as well as the UK-Japan trade and investment relationship."
 
The opportunities and challenges presented by Britain's exit from the EU were discussed in the meetings. 
 
The Downing Street spokesperson added: "The prime minister set out her vision for an outward looking, global Britain, and the long-term opportunities presented by the modern Industrial Strategy. The Japanese businesses present spoke of their desire to continue trading with, and investing in the UK.
 
"The Prime Minister reaffirmed the government's commitment to securing a new deep and special partnership with the EU as the UK leaves the EU," said the spokesperson.
 
(Source:www.xinhuanet.com)






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