Brexit: Panasonic leaves London before EU exit

The Brexit is giving the Japanese electronics company so much concern that it will leave Britain in October. The European headquarters will be moved to Amsterdam.

Brexit: Panasonic leaves London before EU exit

The Japanese electronics company Panasonic is shifting its European headquarters from Great Britain to Nerlands. The reason for move were concerns about EU exit of UK, said a corporate spokeswoman for AFP news agency, and thus confirmed a report by newspaper Nikkei.

Panasonic head of Europe Laurent Abadie had told paper that headquarters would move from London to Amsterdam in October. Britain wants to leave EU half a year later, at end of March 2019.

In case of companies, EU withdrawal is a major insecurity. The European Commission, too, had recently reminded politicians and economy should adapt to threat of a so-called disorderly Brexit – an exit of British without concluding a treaty with EU, in which all issues are regulated. This scenario is becoming more and more probable, but most important issues would have to be clarified by autumn of this year – and it does not look that way until now.

Most recently, representatives of EU and British government had repeatedly warned against so-called no-deal scenario – a failure of Brexit negotiations. If this were to happen, customs controls would have to be introduced immediately after exit. This would be a problem for many companies.

Panasonic also indicates that move would guarantee free movement of goods and passengers. The company spokesperson continued, among or things, company also prepared tax issues.

The Japanese company has not only run its business in Europe from London, but is also active in Germany and Spain. According to Nikkei, 20 to 30 employees are currently still based at European headquarters in London.

Updated Date: 31 August 2018, 12:00

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