Japan: Firms Will Leave the UK After Brexit if Trade Barriers Affect profits

Photo via The Financial Times

Today, a stark warning was issued by the ambassador of Japan to the United Kingdom to the British Prime Minister, saying that companies would be forced to move away from Britain once trade barriers after Brexit affect their profits.

Today, the bosses of 19 Japanese companies, which include brokerage firm Nomura, tech giant SoftBank, and carmaker Nissan, met with Theresa May, the British Prime Minister, where they discussed concerns regarding trade after the United Kingdom withdraws from the European Union.

After the said meeting, the ambassador was asked regarding the threat to Japanese companies of the United Kingdom not securing a frictionless trade deal with the European Union. Koji Tsuruoka stated: “If there is no profitability of continuing operations in the UK – not Japanese only – then no private company can continue operations.”

“This is all high stakes that all of us, I think, need to keep in mind,” added the ambassador.

Japan is the third-largest economy in the world, and Japanese businesses are said to have spent billions of pounds in the United Kingdom.