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Japan’s Carmakers Warn U.K. on Brexit
Honda, Nissan and Toyota tell British Prime Minister Theresa May that their carmaking operations in the U.K. will be forced to leave if trade barriers resulting from Brexit make them unprofitable.
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Honda, Nissan and Toyota tell British Prime Minister Theresa May that their carmaking operations in the U.K. will be forced to leave if trade barriers resulting from Brexit make them unprofitable.
“If there is no profitability, then no private company can continue operations,” asserts Japan Ambassador Koji Tsuruoka. “It is as simple as that.”
Executives from the three car companies—along with a dozen more representing other Japanese businesses—conveyed the same warning yesterday. Honda, Nissan and Toyota generate almost half of total U.K. vehicle production, most of which is exported to Europe.
As a member of the European Union, England enjoys tax-free trade within the region. But without new trade pacts, tariffs on British goods shipped to other European countries could jump to 10% when the U.K. exits the EU a year from now.
The Japanese contingent said their companies have invested more than £40 billion ($55 billion) in the U.K.
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