Brexit Jitters Forces Honda To Shut Its Factory In Swindon, The UK By 2021
by Vincent Wilmot
Written by Vincent Wilmot
Brexit is causing jitters in the economy.
Honda (HMC) is withdrawing from Britain, by removing its only plant in the count. Future uncertainty is something that the company is not willing to play with.
About 7,000 jobs will be lost, once the company closes its factor by 2021 in Swindon. Honda provides direct employment to 3,500 people and indirectly employs another 3,500 people. There are many more supportive companies that will be affected.
This announcement follows the decision by Nissan (NSANF) to quit its plans to build a new model in England. Similarly, Sony and Panasonic have also announced that they would move away from Europe.
Brexit is hitting the auto industry and companies feel that it is best to exit from the country.
Once Britain leaves the European Union, which will happen in around 40 days, the economy would be affected and companies will have to bear the burden of the departure.
Prime Minister Theresa May has not got the required backing for her decisions and if the departure is not orderly, it is expected to cause more chaos.
Seijro Takeshita, the professor working at the Shizuoka University feels that the trust that existed between the UK government and Japan is now lacking. This is forcing the Japans businessmen to leave the country.
The United Kingdom was used as a point of entry to get into Europe. But if the country exits from the European Union, industries will not be able to expand their market here. Japan has invested many billions by opening Japanese companies in the United Kingdom. It has been providing more than 140,000 jobs and has about 1,000 companies in the United Kingdom.
But according to a survey by the External Trade Organization of Japan in 2018, about 60 percent of Japanese firms will be losing if they continue their presence in the UK which will lead to negative growth.
Vincent Wilmot
Vincent Wilmot has been working with us for 2 years and with his hard work and efforts has earned the position of Senior Content Writer in a short span. He handles the content and news reporting of Business world; right from the latest trends, to mergers & acquisitions, to news and much more. In spare time, Vincent likes to go play with the share market numbers along with enjoying trekking and hiking with his friends.
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