Electronics Giant Panasonic Dumps UK for Amsterdam under Brexit Pressure

Last updated on September 6th, 2018
Panasonic, an international manufacturer of electronic devices, will move to its European headquarters from UK to Amsterdam in October, as Brexit approaches.

The company’s sole for shifting is to avert any potential tax issues, which are related to UK’s decision to leave EU, said Panasonic Europe’s chief executive Laurent Abadie. Besides, as the March 2019 approaches a lot of other multinational companies are also planning to move out of UK.

The decision taken by Panasonic is a result of fear that Japan could start considering UK a tax haven in case it cuts the corporate to call for inward business, said Abadie according to Nikkei Asian Review Asian review newspaper.

Europe’s Chief Executive, according to the newspaper said the company has been planning to move since the last 15 months, because of the Brexit- related concerns, including the mobility of goods and people. The newspaper also pointed out that employees dealing with auditing and financial operations would migrate, however those dealing with investor relations would continue to put up in UK.  The move implies that around 20 people would be affected in a staff of 30 members.

The pressure of Brexit is clearly making an impact on the market. The demand and supply have also been affected to some extent because of the uncertainty among investors, with a major chance that people in economy might see a lot of hustle come March 2019.

Besides, a Panasonic spokesperson in his statement to BBC made it official that the registration of company’s European headquarters would move in October. On the other hand, when questioned on the number of people that would migrate to new place, he did not comment.

In 2016, the people of UK voted to exit the European Union, but with less than a year to go EU and UK are struggling to reach an agreement on the terms of exit. Japan, who is a major investor in UK, with more than 800 companies, employing over 100,000 people fear catastrophic outcomes.

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