Davis Davis attacks document suggesting United Kingdom access to European Union could be suspended

Davis Davis attacks document suggesting United Kingdom access to European Union could be suspended

A spokesperson for Number 10 said later: "The prime minister discussed the role of our modern Industrial Strategy in making the UK an even more attractive destination for Japanese and global investment, as well as the UK-Japan trade and investment relationship".

The ambassador addressed waiting media outside 10 Downing Street after May hosted a roundtable meeting with senior representatives of Japanese businesses that are significant investors in Britain.

Japan has given a stark warning to Britain that its big companies - and others - would have to quit the country if trade barriers after Brexit wipe out their profit margins.

Koji Tsuruoka said he "expected" free access to the European markets for Japanese businesses based in Britain to continue.

"So it is as simple as that", he said. "And this is all high stakes that I think all of us need to keep in mind".

Japan, the world's third largest economy, has expressed unusually strong public concerns about the impact of Brexit on the United Kingdom, the second-most important destination for Japanese investment after the United States.

Japan's interests in Britain include auto builders, banks and tech companies.

The United Kingdom regards the tone of the leaked European Union paper stipulating Brussels' power to restrict the country's access to the single market during the Brexit transition period as inappropriate, raising concern over potentially arbitrary nature of such termination, UK Brexit Secretary David Davis said on Thursday.

A leaked government assessment published in British media in recent days suggests the vehicle industry could face cost increases of between five and 13 per cent under different possible post-Brexit scenarios.

A spokesman told reporters just before the meeting: "We've been clear about the sort of deal that we want to secure and that we want trade which is as frictionless as possible".

Thursday's meeting came after a Brexit sub-committee of ministers discussed their Brexit strategy including how closely Britain should remain aligned with the EU and its customs union, a divisive issue for the ruling Conservatives.

They include global banking giant Nomura and top automakers Toyota, Nissan and Honda.

Collectively the three carmakers build almost half of Britain's 1.67 million cars.

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