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Toyota is uncertain about investments in Britain because of Brexit

Unclear situation with Brexit might put subsequent investments in Britain at risk, as one of company’s high-rank officials said. The government had changed the course of its policy and the uncertainty this created could lead to a suspension of putting money in the country by the Asian car-producing behemoth, Toyota’s executive vice president stated.

Chuka Umunna, member of parliament, rooting for unity with EU, said that these statements make clear that UK PM should get rid of her intentions to part with the customs union and single market.

Back in March the carmaker declared it would invest £240 mln in a factory in Derbyshire, but it underscored the importance of ongoing barrier-free connection between Britain and the rest of EU at that time. Executive vice president made his worries about the UK’s official policies public in a Reuters interview during a car show in Frankfurt.

Some months ago British government was claiming they were certain they’d be able to negotiate a deal excluding any kind of trade tax, but they’re not sure anymore, he said. Obviously if it takes two-three years for the situation to be clarified, it is certain the company’s going to have big doubts over investing in the UK, he added.

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