How Brexit could impact 12 United Kingdom regions

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After meeting Prime Minister Theresa May with a delegation of top Japanese executives, Japan's ambassador to the U.K., Koji Tsuruoka, was asked about the threat of new obstacles to trade between Britain and the European Union, the country's biggest export market.

The meeting comes as the Government faces intense pressure to secure tariff-free access to the EU's single market for vehicle manufacturers following Brexit, as well as secure a trade deal for financial services.

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

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

Quizzed on the Government's own Brexit impact assessment leaked to Sky News that showed regions in the United Kingdom could suffer a hit to GDP of up to 16% over 15 years, the Brexit Secretary played down the report. The Foundation was not immediately available for comment when contacted by CNBC.

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According to economists, the benefits from boosting trade with non-EU countries would not offset the slower growth forecast under every form of Brexit.

But analysts said there will not likely be much progress until Japan and the European Union wrap up a nearly-finalised trade deal, and details of Brexit are worked out.

"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".

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.

"Uncertainty is a major concern for an economy", it said.