The number of UK-based Japanese firms fell by 12 per cent from 1,084 in 2014 to 951 in 2019, with most of the drop occurring during the politically tumultuous period following the Brexit referendum in June 2016. During fiscal 2018-19, the number of firms dropped by 4 per cent, according to Japanese ministry of foreign affairs (MoFA) data analysed by Rudlin Consulting.
Most of the impact was on the financial services and manufacturing sectors.The number of UK-based Japanese firms fell by 12 per cent from 1,084 in 2014 to 951 in 2019, with most of the drop occurring during the politically tumultuous period following the Brexit referendum in June 2016. During fiscal 2018-19, the number of firms dropped by 4 per cent, according to Japanese foreign ministry data analysed by Rudlin Consulting.#
The UK drop is in contrast to a growing number of Japanese firms situating in the European Union (EU). Between 2014 and 2019, the number of such firms in the Netherlands grew by 67 per cent, according to the MoFA data. There were also increases in Germany, France and Italy of 11 per cent, 7 per cent and 53 per cent respectively during the same period.
The UK decline is coming off a high base, with Britain hosting the second-highest number of Japanese companies after Germany. Britain is home to the highest number of Japanese nationals in Europe as well as the most employees of Japanese companies.
ALCHEMPro News Desk (DS)
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