Panasonic plans to move EU headquarters out of UK amid Brexit worries, report says

Published 30.08.2018 14:07 Modified 30.08.2018 14:10
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Japanese electronics giant Panasonic has become the latest company to announce plans to move its European headquarters out of Britain ahead of Brexit.

The Nikkei Asian Review newspaper reported Thursday that the company plans to relocate from the U.K. to Amsterdam in October to avoid potential corporation tax issues linked to Britain's exit from the European Union next year.

It quoted Panasonic Europe's CEO Laurent Abadie as saying that the move was also meant to help Panasonic avoid any barriers to the flow of people and goods after Brexit.

The report added that many of the company's 20 to 30 staff at the London office will be moved to the Netherlands.

Panasonic did not immediately respond to a request for comment Thursday.

Japan warned Prime Minister Theresa May in February that its companies would have to leave Britain if trade barriers after Brexit made them unprofitable.

Japanese firms have spent more than 40 billion pounds ($56 billion) in Britain, encouraged by successive governments since Margaret Thatcher promising them a business-friendly base from which to trade across the continent.

Japanese government figures say some 879 Japanese companies employ 142,000 staff in Britain.

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