LONDON (Reuters) - The London-based Formula E electric car racing series will leave Britain if Brexit goes ahead without a deal on tax and employment, Spanish chief executive Alejandro Agag said on Wednesday. Agag, who has lived in London for 15 years, said he was "very worried" by Brexit and Formula E could relocate its business to the European Union in the space of a day if necessary. "And a lot of our contracts come from the European Union in terms of sponsorship, so if there is not a deal in terms of tax and employment, we will leave. Some nearby place in the European Union," he added. But withholding tax being imposed on sponsorship payments from EU-based partners once Britain leaves the EU in 2019 would force his hand.

Source: The Star November 15, 2017 14:03 UTC