More brexit misery Watch
Japanese electronics giant Panasonic has dealt a blow to Prime Minister Theresa May after reports that it was planning to shift its European headquarters out of the UK ahead of Brexit. The group is moving its European HQ to Amsterdam in October to avoid potential tax issues related to the UK's withdrawal from the EU next March, according to the Nikkei Asian Review newspaper. It is the latest multinational firm to pull jobs and operations out of the UK, amid growing concern over the Government's protracted negotiations and possible no-deal scenario. Planemaker Airbus warned in June it could quit the UK if Britain leaves without a trade deal, while Unilever announced in March it was moving its corporate HQ to Rotterdam, although it has claimed the decision is not Brexit-related. The Press Association has said Panasonic's decision is linked to concerns that Japan could see the UK as a tax haven if it cuts corporation tax to attract businesses post-Brexit.
- Political Ambassador