Money Exclusive - Toyota made UK investment decision after Brexit reassurances: sources

00:15  17 july  2017
00:15  17 july  2017 Source:   Reuters

Will the UK be hit by the EU-Japan 'cars-for-cheese' deal?

  Will the UK be hit by the EU-Japan 'cars-for-cheese' deal? With his rallying cry of a 'Global Europe', Jean-Claude Juncker appears to be mocking Britain's Brexit hopes.Brexiters have been keen to trumpet the potential for the UK to become a free-trading global force once freed from the shackles of a protectionist European Union in economic decline.

Japanese Prime Minister Shinzo Abe met with British Prime Minister Theresa May in April and called for a smooth Brexit to allow Japanese firms to continue to operate. Toyota has yet to say which models it will build in Burnaston over the next decade. Exclusive : Toyota made UK investment decision after

Japanese Prime Minister Shinzo Abe met with British Prime Minister Theresa May in April and called for a smooth Brexit to allow Japanese firms to continue to operate. Toyota has yet to say which models it will build in Burnaston over the next decade. Exclusive : Toyota made UK investment decision after

FILE PHOTO: New cars are parked at Toyota's Burnaston plant near Derby, central England © REUTERS/Darren Staples/File Photo FILE PHOTO: New cars are parked at Toyota's Burnaston plant near Derby, central England

The British government helped to secure a more than 240-million pound investment from Toyota (7203.T) in its English plant with a letter reassuring the Japanese carmaker over post-Brexit trading arrangements, two sources told Reuters.

Toyota said on March 16 it would install its new car platform at its Burnaston plant. One source, who is familiar with the letter, said that Toyota delayed the decision due by the end of December while it weighed up a number of factors including Brexit.

Theresa May woos US and Japan in quest for post-Brexit trade deals

  Theresa May woos US and Japan in quest for post-Brexit trade deals The PM is holding early morning talks with Donald Trump in the margins of the G20 in Hamburg, Germany.The Prime Minister will also tell both leaders Britain stands with them in the battle to quash the “growing threat” from North Korea following its increased programme of nuclear weapons testing.

LONDON - The British government helped to secure a more than 240-million 310 million pound investment from Toyota in its English plant with a letter reassuring the Japanese carmaker over post- Brexit trading arrangements two sources told Reuters.

The source , who did not say when the letter was sent, said it contained several reassurances . Reuters made a freedom of information (FOI) request to the business ministry to see documentation relating to the investment decision , which the ministry said included a letter.

The business ministry has confirmed the existence of a letter but refused to release it.

The source said the letter was similar to one sent to Japanese carmaker Nissan (7201.T) last year when it decided to build two new models at its northern English plant. The document sparked public and lawmaker concern about secretive deals.

The source, who did not say when the letter was sent, said it contained several reassurances.

"They received a similar set of warm words as Nissan on electric vehicles, commitment to further training and to ensure the competitiveness of the UK automotive industry," the source said.

A Toyota spokesman declined to comment on whether it had received such a letter. He referred to the company's March 16 statement which said the British government was providing funding for training and research and development. Toyota also said at the time that "continued tariff-and-barrier free market access... will be vital for future success."

Sources Claim Ben Affleck Cheated With Girlfriend

  Sources Claim Ben Affleck Cheated With Girlfriend According to reports, Affleck met Shookus three years ago.According to Us Weekly's sources, "Ben and Lindsay started their affair about three years ago, just a few months after she became a mom.

The source , who did not say when the letter was sent, said it contained several reassurances . Reuters made a freedom of information (FOI) request to the business ministry to see documentation relating to the investment decision , which the ministry said included a letter.

The source , who did not say when the letter was sent, said it contained several reassurances . Reuters made a freedom of information (FOI) request to the business ministry to see documentation relating to the investment decision , which the ministry said included a letter.

Britain said in March it would back up the investment from Toyota, which builds roughly 10 percent of Britain's 1.7 million cars, by spending 21.3 million pounds to support skills and training, research and development and innovation, subject to an independent assessment.

A spokesman at the business ministry declined to provide any comment for this story. Business minister Greg Clark said last year that assurances offered to Nissan were available to other firms.

Reuters made a freedom of information (FOI) request to the business ministry to see documentation relating to the investment decision, which the ministry said included a letter.

In its response, an official at the ministry refused to release the letter and a company briefing note, saying the information was "both highly commercially sensitive" and "would be likely to cause harm to the company's commercial interests if disclosed."

Britain hails Spanish investment as sign of confidence in economy

  Britain hails Spanish investment as sign of confidence in economy By Kylie MacLellan

The British government helped to secure a more than 240-million (US0 million) pound investment from Toyota in its English plant with a letter reassuring the Japanese carmaker over post- Brexit The source , who did not say when the letter was sent, said it contained several reassurances .

The source , who did not say when the letter was sent, said it contained several reassurances . Reuters made a freedom of information (FOI) request to the business ministry to see documentation relating to the investment decision , which the ministry said included a letter.

Clark has refused to publish the Nissan letter. He said he will release the information when it is no longer commercially confidential.

Many of the world's biggest car firms are worried about the long-term viability of their British plants and are using their upcoming investment decisions to push for promises to maintain free trade after Britain's exit from the EU, which is due to take place in March 2019.

FILE PHOTO: A man works on the production line at the Toyota factory in Derby © REUTERS/Darren Staples/File Photo FILE PHOTO: A man works on the production line at the Toyota factory in Derby

Toyota finalised its decision at a meeting between its Europe President and Chief Executive Johan van Zyl and Clark on March 15, the day before the official announcement, a third source, who is close to the company told Reuters.

In response to the FOI request, the business ministry said there were three documents relating to discussions between the firm and top government officials since Clark was appointed in July last year: a letter, a confidential company briefing and an email exchange.

It initially refused to publish all three but after Reuters appealed the decision, the department released a redacted email exchange. Reuters asked for correspondence between the company and Clark, a special advisor, a junior minister and the ministry's automotive team.

France is actively seeking to punish the City of London during Brexit, according to a leaked memo

  France is actively seeking to punish the City of London during Brexit, according to a leaked memo France is seeking the hardest possible Brexit to take advantage of the disruption this would cause to the City of London, a leaked memo suggests. The memo, published in the Mail on Sunday, was written by Jeremy Browne, the City's envoy to the EU, after a meeting with senior French officials at the country's central bank, the Banque de France at the beginning of July."The meeting with the French Central Bank was the worst I have had anywhere in the EU. They are in favour of the hardest Brexit. They want disruption.

The source , who did not say when the letter was sent, said it contained several reassurances . Reuters made a freedom of information (FOI) request to the business ministry to see documentation relating to the investment decision , which the ministry said included a letter.

Reuters UK . Exclusive - Toyota made UK investment decision after Brexit reassurances : sources reut.rs/2sZEFdz pic.twitter.com/JkaNC0sEjK.

The email exchange included three messages which were written after a meeting between Clark and van Zyl. The emails are redacted so that it is not possible to know who received them.

"We picked up from the recent meeting with Greg Clark that Toyota has a significant investment decision coming up before the end of the year, for a new European 'architecture plant'," according to official correspondence dated Sep. 9.

"Dr Zyl noted that uncertainties over future trade arrangements are a worry, and SofS (Secretary of State Clark) sought to reassure on the alignment of company and HMG (Her Majesty's government) goals."

"It would (be) great to understand more about the decision, and if there are any ways in which HMG could help," the email from the official said.

Clark had meetings with Toyota officials in September, November and March, according to an official government log.

Japan's Nissan (7201.T), Toyota and Honda (7267.T) account for around half of British car output. Japanese Prime Minister Shinzo Abe met with British Prime Minister Theresa May in April and called for a smooth Brexit to allow Japanese firms to continue to operate.

Toyota has yet to say which models it will build in Burnaston over the next decade.


Christopher Nolan slams streaming service Netflix .
Hollywood filmmaker Christopher Nolan has slammed Netflix for not releasing their movies in cinemas.Christopher Nolan has slammed Netflix for not releasing their exclusive movies in cinemas.

Source: http://uk.pressfrom.com/news/money/-185966-exclusive-toyota-made-uk-investment-decision-after-brexit-reassurances-sources/

—   Share news in the SOC. Networks
This is interesting!