Toyota Brexit assurance is not cut and dried

The news that Toyota’s chief executive, Akio Toyoda, has hinted that his company would maintain its manufacturing presence in the UK even if the prospective referendum were to go against EU membership is a stunning vote of confidence in UK engineering, but it won’t be welcomed by the pro-Europe lobby.

If one of the first overseas companies to invest heavily in UK manufacturing doesn’t see the need for its European base to be within the EU, then why should leaving it cause concern?

Toyoda, the great-grandson of Toyota’s founder, issued his comments in an interview with the Financial Times earlier this week. Referring to a time capsule buried at the company’s plant in Burnaston, Derbyshire at its opening 25 years ago, he said that he expected his successors to dig it up at

a still-working factory in 75 years’ time. “We want to deepen our roots to deliver ever better cars, so when that capsule is opened after 100 years, all can see we’ve built a truly British company,” he told the FT.