Stockton Liberal Democrats

Leaving the EU could cost the North East thousands of jobs as Japan highlights the importance of EU membership to Japanese investments into the UK.

The warning comes in a submission from the Japanese government to a UK audit of EU powers due to be published this week. Nissan, Nifco and Hitachi are among the most high-profile Japanese companies in the region and the Japanese memo has renewed fears over the effect of an EU exit on the local economy.

The memo says Japan expects "that the UK will maintain a strong voice and continue to play a major role in the EU.

"The UK, as a champion of free trade, is a reliable partner for Japan. More than 1,300 Japanese companies have invested in the UK, as part of the Single Market of the EU, and have created 130,000 jobs, more than anywhere else in Europe.

"This fact demonstrates that the advantage of the UK as a gateway to the European market has attracted Japanese investment. The Government of Japan expects the UK to maintain this favourable role."

Angelika Schneider, the Lib Dem candidate in the forthcoming European elections, said:

"The North East has proven to be a very attractive location for Japanese companies. They have become an increasingly vital part of the regional economy. A large part of the attraction is the high quality of skills and manufacturing expertise we have here but a key aspect, as highlighted by the Japanese government, is the UK's membership of the EU.

"Without access to the favourable trade terms that go along with our membership, we would struggle to attract inward investment. We must not put existing jobs at risk but build on our existing trading partnerships to create new jobs and growth."

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