Odds of a hard Brexit have these Asian companies fretting

Treasury chief Philip Hammond said the proposed tax would target UK-generated revenues of specific digital platform business models.

TOKYO: The growing alarm after UK Prime Minister Theresa May’s Brexit deal suffered a defeat in parliament isn’t just unsettling for British politics. Global businesses are on edge as well.

Asian companies, whose operations and investments stretch far into Britain and the European continent, have a lot at stake as they face higher tariffs and costs. Tuesday’s setback will do little to cure the anxiety. Chancellor of the Exchequer Philip Hammond has sought to assure business leaders that their no-deal nightmare scenario could still be avoided, but with only 10 weeks left before the UK is due to leave the European Union, companies are bracing for a potential hard exit.