Brexit fallout: Panasonic to move Europe headquarters from United Kingdom to Amsterdam

Japan's Panasonic to move European headquarters to Amsterdam in October: Nikkei

Brexit fallout: Panasonic to move Europe headquarters from UK to Amsterdam

A spokesman for the Japanese electronics company confirmed Thursday that it planned to move the headquarters from the outskirts of London to Amsterdam, but declined to give further details.

Britain is due to leave the European Union in March 2019, and the country is widely expected to drop down the loo and enter a dark age which will only be enlightened by the muttering of people telling themselves how great things are now that they don't have so many foreigners about and how bad the NHS used to be.

Ahead of March 2019, several firms have said they are considering or will move jobs out of the UK.

Abadie says Britain's plans to lower corporate tax to retain worldwide companies within its borders could earn it a tax haven designation and this would make the companies liable for a vast tax bill at home.

A spokesperson told the BBC the registration of Panasonic's European headquarters would move to Amsterdam from the United Kingdom in October.

While on the surface this sounds like a way to attract business, "excessive tax cuts could earn the country (UK) tax-haven designation, creating the possibility that companies operating there could be slapped with back taxes by their home countries", explains the Nikkei Asian Review.

Mr Abadie told the Nikkei Asian Review that Panasonic had been considering the move for 15 months, because of Brexit-related concerns such as access to free flow of goods and people. Effectively, if the United Kingdom lowers corporate tax further after Brexit, as it has suggested could happen, it could be considered by the Japanese government to be a tax haven.

Japan is a major investor in the United Kingdom, where more than 800 Japanese companies employ more than 100,000 people.

Up to 20 people could be affected out of a staff of 30.

The newspaper said employees dealing with auditing and financial operations would move, but those dealing with investor relations would stay in the UK.

Other major firms that have announced plans to pull staff out of the United Kingdom due to Brexit include banking group HSBC, which plans to move up to 1,000 jobs to France, while JP Morgan has said around 1,000 front and back-office roles are likely to be relocated from London.

Several Japanese financial companies have said they intend to move their main European Union bases away from London.

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