Prime Minister Theresa May spoke of the "opportunity" of Brexit but acknowledged it would be "no small undertaking" as she met Thursday with Japanese companies investing in Britain. "Of course I recognise that the UK's forthcoming exit from the European Union is no small undertaking but importantly it does present the opportunity to strike free trade deals around the world," she said.
Britain intends to seek free trade deals with its major trading partners once it leave the EU next year. There are 879 Japanese companies employing 142,000 staff in Britain, including carmakers Honda and Nissan.
A leaked government assessment published in British media in recent days suggests the car industry could face cost increases of between five and 13 percent under different possible post-Brexit scenarios. Financial services could see a five to 10 percent cost increase, according to the forecasts, which the government says do not include its desired scenario of a bespoke trade deal with the EU.