Panasonic to move European headquarters out of U.K. due to Brexit

Panasonic will move its European headquarters from London to Amsterdam in October because of tax issues related to Brexit, reports Nikkei Asian Review.

The big picture: The U.K. has said it will lower its 20% corporate tax rate following its departure from the EU to retain and attract businesses, but Panasonic fears that this could cause the country to be labeled as a "tax haven" by Japan — which would result in multinationals being taxed more heavily at home.