UK Government Reassured Toyota Over Brexit- Sources

The British government has helped Toyota to secure a 240-million pound investment at its England plant and assured the company of post-Brexit arrangements.

By Reuters

1 mins read

Published on July 15, 2017

Highlights

Carmakers want promises of unfettered trade after Britain leaves EU
The British govt. helped Toyota secure a major investment at its plant
Few automobile companies are holding back investment in their UK plants

Two sources have told Reuters 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. Lucy Fielder reports. The British government helped secure a major Toyota investment in a UK plant with a letter reassuring the Japanese carmaker over post-Brexit trading arrangements, sources have told Reuters. Westminster's - quote - 'warm words' for Toyota likely to rekindle concerns about secretive Brexit deals. When it emerged that Nissan had received a similar letter last year, it provoked widespread unease. And rival carmakers who'd had no reassuring words whispered in their ears were pretty unhappy. Reuters learned that the letter discussed electric vehicles, commitment to further training and ensuring UK car industry competitiveness. Toyota declining to comment; while the business ministry refused to release the letter. Carmakers want promises of free and unfettered trade after Britain leaves the EU, scheduled for 2019. Many are holding back on investment in their UK plants while the future is so uncertain - and are using that as leverage to pressure the government. © Thomson Reuters 2017 (This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)