Panasonic to move European headquarters out of UK

Share

"We will move our European headquarters to the Netherlands", the spokeswoman said, confirming a report in the Nikkei business daily about the electronics giant's decision on Brexit.

It is thought that the change in location will enable the firm to avoid potential tax issues following the impending Brexit.

Panasonic's decision was driven by a fear that Japan could start considering the United Kingdom a tax haven if it cuts corporate tax rates to attract business, Abadie told the Nikkei Asian Review newspaper.

Panasonic, the £55 billion ($71 billion) Japanese electronics giant, has announced plans to move its European headquarters out of the United Kingdom as Brexit uncertainty continues to weigh on the minds of major worldwide corporations using Britain as a base.

Britain voted to leave the European Union in 2016, but with less than a year to go, the United Kingdom and the European Union are struggling to reach consensus on the terms of the exit.

More news: Roger Federer stuns crowd, Nick Kyrgios with fantastic shot around net post
More news: Imran Khan's govt to come up with proposal to resolve Kashmir issue
More news: Ford cancels plans to sell Focus Active in US

Panasonic is considering the future of its United Kingdom manufacturing operations amid the prospect of a no-deal Brexit, according to Laurent Abadie, the chief executive of the Japanese group's European division.

Out of Panasonic's 30 members of staff, up to 20 people could be affected by the decision - specifically those working in auditing and financial operations would move, whereas investor relations employees could stay in the London.

Britain is hoping to strike trade deals with its major partners including Japan following its exit from the bloc.

Several major Japanese financial institutions, including Nomura, Sumitomo Mitsui and Daiwa Securities, have already made plans to move staff away from the United Kingdom, and more could follow.

And Nissan is already preparing to ax hundreds of jobs at its factory in the northeastern city of Sunderland - which produces 500,000 vehicles per year - as British sales slump.

Share