Japanese auto giants to ‘demand payback’ in event of no-deal Brexit : CityAM

Two of Japan’s auto giants will ask the UK to pay them back for any additional custom charges levelled against their cars if it fails to agree a free trade deal with the EU.

The Nikkei reported that Toyota and Nissan will want payments to cover the extra 10 per cent of tax that will be levied against automobile imports from the UK should no agreement be reached.

Read more: Car industry at risk of tariffs even if Brexit deal agreed

The carmakers declined to comment on the reports, but Nissan urged the two to work together to mitigate the potential impact on business.

In a statement, it said: “We urge UK and EU negotiators to work collaboratively towards an orderly, balanced Brexit that will continue to encourage mutually beneficial trade”.

Roughly 1.3m vehicles were made in the UK last year, almost half of which were manufactured by Japanese companies.

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