Reuters logo
UK has no liabilities from Nissan assurances - audit office
December 13, 2016 / 5:47 PM / 9 months ago

UK has no liabilities from Nissan assurances - audit office

A Nissan logo is pictured at a car dealership in Sunderland, Britain June 29, 2016. Picture taken June 29, 2016. REUTERS/Andrew Yates

LONDON (Reuters) - Britain has no contingent liability from the government’s assurances to Nissan (7201.T) that the Japanese carmaker’s new investments will not suffer when Britain leaves the European Union, the head of the National Audit Office said.

The government said in October it assured Nissan that its new investment in a plant in Britain would be competitive after Brexit. It also said it had not given any explicit promise of compensation for any future EU tariffs on British car exports.

The government has so far refused to publish the letter it sent to Nissan, but the head of Britain’s spending watchdog, Amyas Morse, said on Tuesday he had examined it and received assurances from Britain’s business ministry that Britain had no potential liabilities from its discussions with Nissan.

“I am satisfied there is no identifiable contingent liability,” Morse told the head of parliament’s Treasury Committee, Andrew Tyrie, in a letter.

Morse said he received written assurances from the ministry that “there are no other letters to Nissan on this matter and that nothing was discussed in the relevant meetings that might be understood as an additional commitment by HM Government.”

Britain’s opposition Labour Party has called on the government to disclose details of its assurances to Nissan.

Reporting by Guy Faulconbridge; Editing by William Schomberg

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below