Sony to move UK headquarters to Netherlands

Sony will move its European headquarters from the UK to the Netherlands to avoid disruptions caused by Brexit. The company said that this move will help to avoid customs issues tied to Britain’s exit from the EU, according to AFP. Despite the move, Sony will not move its personnel and operations from the existing UK operations.

On a recent trip to the UK, Japan’s Prime Minister Shinzo Abe expressed concern over a no-deal Brexit. He said it could hurt Japanese companies, which employ up to 150,000 people in the UK.

Bank withdrawal

Several Japanese firms, including MUFG, Nomura Holdings, Daiwa Securities and Sumitomo Mitsui Financial Group, have said they plan to move their main EU bases out of London.

Japanese bank Norinchukin announced earlier this month that it would set up a wholly-owned subsidiary in the Netherlands in response to Brexit and other economic changes in Europe.

Carmakers withdrawal

A number of Japanese carmakers have also expressed concern over the impact of a hard Brexit.

Toyota has warned that a no-deal Brexit would affect investment and would temporarily halt output at its plant in Burnaston.

Honda has already planned a six day halt in April to plan for “all possible outcomes caused by logistics and border issues”.

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