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| Japanese ambassador warns companies could leave UK over Brexit Japanese ambassador warns companies could leave UK over Brexit | |
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| The Japanese prime minister has told Theresa May she needs to give more clarity to international investors in the UK who are worried about Brexit. | The Japanese prime minister has told Theresa May she needs to give more clarity to international investors in the UK who are worried about Brexit. |
| Shinzō Abe used his first face-to-face meeting with May to warn that Japanese companies needed more certainty in order to stay in the UK, after the country prepared a 15-page note setting out its concerns. | Shinzō Abe used his first face-to-face meeting with May to warn that Japanese companies needed more certainty in order to stay in the UK, after the country prepared a 15-page note setting out its concerns. |
| Japan’s ministry of foreign affairs said: “Prime Minister Abe requested [May’s] cooperation to enhance predictability and to continue to secure Japanese companies’ businesses and value chains. In response, Prime Minister May mentioned that she recognises that the result of the UK referendum to leave the EU is having influence on the international community including Japan, and expressed her hope that the Japan-UK economic relationships will be maintained and strengthened.” | Japan’s ministry of foreign affairs said: “Prime Minister Abe requested [May’s] cooperation to enhance predictability and to continue to secure Japanese companies’ businesses and value chains. In response, Prime Minister May mentioned that she recognises that the result of the UK referendum to leave the EU is having influence on the international community including Japan, and expressed her hope that the Japan-UK economic relationships will be maintained and strengthened.” |
| Speaking on BBC Radio 4’s Today programme, Japan’s ambassador to the UK warned that Japanese companies would disinvest from the UK if Brexit meant they could not make sufficient profits, t | Speaking on BBC Radio 4’s Today programme, Japan’s ambassador to the UK warned that Japanese companies would disinvest from the UK if Brexit meant they could not make sufficient profits, t |
| The blunt warning from Koji Tsuruoka came the day after the UK government was confronted by a Japanese government memorandum urging Britain to retain maximum contact with the EU single market and ensure free movement of workers between the EU and the UK after Brexit. Both demands are at odds with Tory MPs who support a “hard” Brexit in which the UK seeks to forge trade deals primarily outside the EU. | The blunt warning from Koji Tsuruoka came the day after the UK government was confronted by a Japanese government memorandum urging Britain to retain maximum contact with the EU single market and ensure free movement of workers between the EU and the UK after Brexit. Both demands are at odds with Tory MPs who support a “hard” Brexit in which the UK seeks to forge trade deals primarily outside the EU. |
| The ambassador also urged the UK government to consult with its trading partners and investors before hardening its negotiating position. “Unless you have international cooperation Brexit is not going to be an easy task,” he warned. | The ambassador also urged the UK government to consult with its trading partners and investors before hardening its negotiating position. “Unless you have international cooperation Brexit is not going to be an easy task,” he warned. |
| Tsuruoka praised May for holding talks with the Japanese government, saying it was vital the UK developed a thought-through model. He said: “The problem that we will have to confront is what is the markets that could be accessed by Japanese outside of the UK. If there are conditions that block Japanese automakers’ cars from continental Europe, if the customs duties are imposed, that will of course affect the competitive nature of the pricing of the cars. Access is very important.” | Tsuruoka praised May for holding talks with the Japanese government, saying it was vital the UK developed a thought-through model. He said: “The problem that we will have to confront is what is the markets that could be accessed by Japanese outside of the UK. If there are conditions that block Japanese automakers’ cars from continental Europe, if the customs duties are imposed, that will of course affect the competitive nature of the pricing of the cars. Access is very important.” |
| He said Japanese private firms had all options open to them on future investment since their duty to their stockholders was to produce profits. “If the way Brexit ends up does not provide companies with the prospect of making sufficient profits to continue operating in the UK then of course all options are open to them.” He said he doubted Nissan would completely disinvest from the UK. | He said Japanese private firms had all options open to them on future investment since their duty to their stockholders was to produce profits. “If the way Brexit ends up does not provide companies with the prospect of making sufficient profits to continue operating in the UK then of course all options are open to them.” He said he doubted Nissan would completely disinvest from the UK. |
| Defending Japan’s right to set out its views at the outset of the Brexit debate, Tsuruoka said: “We have more than 10,000 companies in the UK employing more than 140,000 people.” | Defending Japan’s right to set out its views at the outset of the Brexit debate, Tsuruoka said: “We have more than 10,000 companies in the UK employing more than 140,000 people.” |
| He insisted Japanese companies regarded the UK as the best place to do business, but added Japan needed a thought-through consultation on Brexit. | He insisted Japanese companies regarded the UK as the best place to do business, but added Japan needed a thought-through consultation on Brexit. |
| He said Japan and the EU were due to complete a free-trade agreement in principle by the end of the year, based on low tariffs, and he hoped a similar deal could be struck between the UK and Japan. | He said Japan and the EU were due to complete a free-trade agreement in principle by the end of the year, based on low tariffs, and he hoped a similar deal could be struck between the UK and Japan. |
| The warning from Japan is one of several difficult messages about Brexit received by May at the G20 summit in Hangzhou. While Malcom Turnbull, the Australian prime minister and an old university friend of May, has been supportive, others have raised concerns about the consequences on trade relations. | The warning from Japan is one of several difficult messages about Brexit received by May at the G20 summit in Hangzhou. While Malcom Turnbull, the Australian prime minister and an old university friend of May, has been supportive, others have raised concerns about the consequences on trade relations. |
| At her first bilateral meeting with Barack Obama, May was warned the US wanted to focus on trade negotiations with the EU and a bloc of Pacific states before considering a deal with the UK. | At her first bilateral meeting with Barack Obama, May was warned the US wanted to focus on trade negotiations with the EU and a bloc of Pacific states before considering a deal with the UK. |
| May also had to tell President Vladimir Putin that it could not be “business as usual” in the UK’s economic dealings with Russia because of its actions in Syria and Ukraine, although they discussed security cooperation. | May also had to tell President Vladimir Putin that it could not be “business as usual” in the UK’s economic dealings with Russia because of its actions in Syria and Ukraine, although they discussed security cooperation. |