Home / Business and Politics / Japanese companies could massively close branches in the United Kingdom

Japanese companies could massively close branches in the United Kingdom

Japan has warned the United Kingdom not to withdraw from the EU as this could lead to the closure of branches of Japanese companies on British territory, writes the Sunday Times.

In a memorandum received by the Foreign Office in London, the Japanese side emphasizes that Japanese companies invest in the United Kingdom because they see it as a gateway to the European market.

About 1,300 Japanese companies with branches on British territory could reconsider their position if the United Kingdom does not continue to play an important role in the EU, states the document reported by the Sunday Times, noting that this concerns at least 130,000 jobs.

British Prime Minister David Cameron promised to hold a referendum on British membership in the EU by the end of 2017 if his Conservative Party wins a mandate in the 2015 elections.