Leaked Brexit forecasts predict grim times ahead for the UK

Michel Barnier and David Davis have been meeting in Downing Street

Prime Minister Theresa May's government will not hold a second referendum on Britain's membership of the European Union, her spokesman said on Thursday after the billionaire George Soros donated money to stop Brexit.

But speaking to Sky News after the meeting, Japan's ambassador to London Koji Tsuruoka warned of the "high stakes" of Brexit.

"If there is no profitability of continuing operations in the United Kingdom - not Japanese only - then no private company can continue operations", he told reporters.

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"So, it's as simple as that".

Britain intends to seek free trade deals with its major trading partners once it leaves the European Union next year.

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

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A leaked government assessment published in British media in recent days suggests the vehicle industry could face cost increases of between five and 13 percent under different possible post-Brexit scenarios. We are not expecting a no-deal scenario, ' they added. The Foundation was not immediately available for comment when contacted by CNBC.

In a warning after the shock 2016 Brexit vote, Japan expressed fears about a cliff edge that could disrupt trade when Britain formally leaves the bloc in March 2019.

Frankfurt has become the financial centre of choice, with Daiwa, Sumitomo Mitsui Financial Group (SMFG), Nomura and Mizuho Securities all bolstering their presence in the Germany city.

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Japanese firms have spent more than 40 billion pounds ($56 billion) in Britain, encouraged by successive governments since Margaret Thatcher promising them a business-friendly base from which to trade across the continent.

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