Panasonic is to move its European headquarters from the UK to the Netherlands in October as part of the company’s plans for Brexit.

The electronics giant has decided to relocate its European hub from Bracknell, Essex to Amsterdam on October 1.

In a statement the company confirmed the move and linked the decision to the UK’s decision to leave the EU.

“The aim of this project is to extend our shared service operations across Europe to pursue improved efficiency and cost competitiveness while having easy access to the different markets within Europe,” the company said.

Laurent Abadie, Pansonic Europe’s chief executive, told the Nikkei Asian Review newspaper that the decision was taken in part because of fears that Japan could start viewing the UK as a tax haven if it cuts corporation taxes.

If the company paid less tax in the UK, then it might be liable for higher taxes in Japan.

No Panasonic UK business operations will be affected by the EU headquarters move, the company said.Fewer than approximately ten people would be affected out of a staff of 30, the statement added.

The British government pledged in 2016 to cut corporation tax rates to make the UK a more attractive destination for business.

Japanese firms Nomura, Sumitomo Mitsui and Daiwa have already said they will move their EU headquarters away from London.

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