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Japan warns UK its companies could leave over Brexit

Japan has given a stark warning to Britain that its big companies -- and others -- would have to quit the country if ...

Posted: Feb 9, 2018 6:54 AM
Updated: Feb 9, 2018 6:54 AM

Japan has given a stark warning to Britain that its big companies -- and others -- would have to quit the country if trade barriers after Brexit wipe out their profit margins.

After meeting Prime Minister Theresa May with a delegation of top Japanese executives, Japan's ambassador to the U.K., Koji Tsuruoka, was asked about the threat of new obstacles to trade between Britain and the European Union, the country's biggest export market.

"If there is no profitability of continuing operations in the U.K. - not Japanese only - then no private company can continue operations," he told reporters.

"So it is as simple as that," the official added. "This is all high stakes that all of us, I think, need to keep in mind."

Japan is a big investor in Britain. There are more than 1,000 Japanese companies doing business in the country, employing more than 140,000 people.

They include global banking giant Nomura and top automakers Toyota, Nissan and Honda.

Japan went public with a detailed list of concerns about the impact on its companies shortly after Brits voted to leave the EU in a referendum in June 2016.

Related: Britain's most painful Brexit choice is all about trade

Japanese firms want reassurances that the U.K. will seek to limit any "harmful effects" on their businesses, according to a document published by the government in Tokyo.

Their wishlist includes maintaining the current zero tariffs on goods moving between the U.K. and the rest of Europe, as well as the existing customs procedures and the "passport" system that allows financial services firms based in London to do business across the EU.

European officials have made clear that Britain's plan to leave the EU internal market and customs union will inevitably mean new barriers in some of those areas.

The top European executive from Nissan, which employs nearly 7,000 people at the U.K.'s largest car factory, attended Thursday's meeting with May, along with representatives from Hitachi, Toyota, Honda, Mitsubishi, SoftBank and Mizuho.

"Business representatives ... agreed on the importance of the time-limited [Brexit] implementation period in providing clarity and certainty for people and businesses," a spokesperson for May's office said.

"There was also agreement on the importance of moving quickly in the negotiations to secure a trading relationship with the EU that is as tariff-free and frictionless as possible following the implementation period."

-- Charles Riley contributed to this article.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 161516

Reported Deaths: 3916
CountyCasesDeaths
DeSoto10708104
Hinds10519205
Harrison7555113
Jackson6708128
Rankin6130112
Lee547697
Madison5202110
Forrest400187
Jones382189
Lauderdale3727147
Lafayette344057
Washington3367108
Lamar307550
Lowndes261167
Oktibbeha259962
Bolivar250185
Panola240253
Neshoba2311122
Marshall227151
Leflore213991
Monroe212278
Pontotoc211231
Lincoln200867
Sunflower195555
Warren184958
Tate184051
Union176826
Copiah172540
Pike168360
Pearl River163870
Yazoo162940
Scott162730
Itawamba162637
Alcorn160428
Coahoma157844
Prentiss156732
Simpson155153
Adams148352
Grenada147145
Leake143344
Holmes135761
Covington135541
Tippah132530
George131725
Winston131726
Hancock130942
Wayne124924
Attala124735
Marion124248
Tishomingo114844
Chickasaw112132
Newton112129
Tallahatchie100727
Clay97127
Clarke95653
Jasper88523
Stone83115
Calhoun81513
Walthall79930
Montgomery78826
Carroll76315
Smith75716
Lawrence75214
Yalobusha74428
Noxubee74217
Perry69326
Tunica63519
Greene63022
Jefferson Davis60217
Amite59315
Claiborne59316
Humphreys55719
Quitman5117
Benton50518
Kemper49318
Webster47914
Wilkinson41322
Jefferson38712
Franklin3726
Choctaw3697
Sharkey33117
Issaquena1234
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Alabama Coronavirus Cases

Cases: 260359

Reported Deaths: 3776
CountyCasesDeaths
Jefferson34716513
Mobile20452370
Madison14215153
Tuscaloosa13755173
Montgomery12731243
Shelby1110278
Baldwin9341137
Lee801566
Morgan722855
Etowah692170
Calhoun6809121
Marshall675058
Houston552739
DeKalb512940
Cullman480246
St. Clair460357
Limestone455046
Lauderdale443357
Elmore432567
Walker3861112
Talladega381157
Jackson361623
Colbert341546
Blount315845
Autauga289342
Franklin262634
Coffee257717
Dale244454
Dallas234932
Chilton233641
Covington232434
Russell23153
Escambia206932
Tallapoosa190291
Chambers187551
Clarke164120
Pike163814
Marion148236
Winston144725
Lawrence137336
Pickens129720
Geneva12818
Marengo126724
Bibb125238
Barbour121429
Butler120042
Randolph107022
Cherokee106724
Hale101432
Fayette99916
Clay94825
Washington93921
Henry8996
Monroe84611
Lowndes82629
Cleburne80714
Macon77122
Crenshaw73330
Conecuh72914
Lamar7258
Bullock70919
Perry6987
Wilcox65518
Sumter59522
Greene44518
Choctaw43519
Coosa3824
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