/$71 billion Japanese giant Panasonic is pulling its European headquarters out of the UK — and Brexit is to blame

$71 billion Japanese giant Panasonic is pulling its European headquarters out of the UK — and Brexit is to blame

FILE PHOTO: A logo of Panasonic Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced Technologies) at the Makuhari Messe in Chiba, Japan, October 2, 2017.   REUTERS/Toru Hanai/File PhotoThomson Reuters

Japanese electronics giant Panasonic to move European headquarters out of the UK as a result of Brexit.
New HQ will be based in the Dutch capital, Amsterdam.
The move is being undertaken “to avoid potential tax issues” linked to Brexit, according to Japanese media organisation Nikkei.
Panasonic’s announcement follows a warning from the Japanese business lobby that companies are “seriously concerned” about continuing Brexit uncertainty.

Panasonic, the £55 billion ($71 billion) Japanese electronics giant, has announced plans to move its European headquarters out of the UK as Brexit uncertainty continues to weigh on the minds of major international corporations using Britain as a base.

The company, best known for its televisions, hi-fi systems, and cameras, said on Thursday that it plans to shift its main European office from near London to the Dutch capital, Amsterdam.See the rest of the story at Business Insider

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