Japan warns May on Brexit: 'We can not continue in United Kingdom without profit'

Theresa May will chair a meeting of the Brexit Cabinet sub-committee

Top bosses from over 20 Japanese companies are holding talks with the Government amid concerns that billions in investment are at risk because of Brexit. Growth could be about 5 per cent less by 2033-34 than forecast at present if any deal resembled the free trade agreement with Canada.

Major Japanese investors in Britain, including the three big carmakers, are due to meet the prime minister and chancellor on Thursday.

Nissan sought assurances over post-Brexit arrangements ahead of future investment in the Sunderland plant, Britain's biggest auto factory.

"What Japanese businesses in Europe most wish to avoid is the situation in which they are unable to discern clearly the way the Brexit negotiations are going, only grasping the whole picture at the last minute".

Meanwhile, free trade deals with non-EU countries would add less than 1 per cent to the long-term growth of the United Kingdom economy, The Times reported citing a leaked government analysis of Brexit.

The Asian nation has made significant investment in The City of London, with Japanese banks treating the United Kingdom capital as a financial gateway to the rest of Europe.

Japanese drug companies have also made Britain their European base.

The Prime Minister has confirmed that she will extricate Britain from both the single market and customs union.

According to commentators, the best possible trade deal between the United Kingdom and USA would provide around half of any gain from all non-EU deals, which would increase pressure on Theresa May to strike an agreement with Donald Trump as quickly as possible after Britain leaves the EU.

"Nissan Europe Chairman Paul Willcox will join representatives from other Japanese companies in meeting the prime minister and chancellor on Thursday to discuss our operations and investments in the United Kingdom", the firm said in a statement.

Other Japanese firms including Nomura Holdings, Daiwa Securities and Sumitomo Matsui Financial Group have said they are planning to move their main European Union bases from London to Frankfurt.

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