Sunday, December 15th 2019 8PM °C nicosia
Close
04-07-2019 12:05 | Read 956 times

No-deal Brexit could end Japan investment boom

JAPAN cautioned the two candidates vying to replace Prime Minister Theresa May that a no-deal Brexit would be so disruptive for many companies that Japanese capital's 35-year bet on Britain could end.

No-deal Brexit could end Japan investment boom

In an appeal to both Boris Johnson and Jeremy Hunt, Foreign Minister Taro Kono said Tokyo did not want a no-deal Brexit, that some companies were already moving out and that more investment could go.

"I know Boris and I know Jeremy, both of them pretty well," Mr Kono said in Osaka where a G20 summit began yesterday.

"I have communicated with them that Japan wouldn’t want no-deal Brexit. So hopefully Brexit could be done through an ordinary and calm way."

Japan has long seen Britain as a pro-business, liberal gateway into the rest of the European Union and has around 1,000 companies based in the country, including major carmakers and technology firms. Japanese firms have invested over £60 billion in Britain.

But following the 2016 vote to leave the European Union, some Japanese firms have begun moving business out of Britain, with particular concern over the impact of a possibly disorderly exit on October 31.

"Please, no no-deal Brexit," Mr Kono said.

Both Mr Johnson and Mr Hunt have both said they would be prepared to take Britain out of the bloc without a deal, although it was not their preferred option.

No-deal means there would be no transition period so the exit would be abrupt, the nightmare scenario for many businesses and the dream of hard Brexiteers who want a decisive split.

Some pro-EU British lawmakers have said they will seek next week to block a new prime minister from taking Britain out of the bloc without a deal and against the will of parliament by trying to cut off some of the government's funding.

Read the full article in Cyprus Today...In shops or on PressReader.

Source:
Editor:
No News Comments....
Comment
CAPTCHA security code

Attention! Any person who sends any financial, legal, criminal, administrative liability content resulting from criminal, illegal, threatening, offensive, insulting, profane, humiliating, degrading, vulgar, pornographic, anti-moral, Member / Member's.