The chancellor has warned manufacturers that “there will not be alignment” with the EU after Brexit and insists firms must “adjust” to new regulations.

Speaking to the Financial Times, Sajid Javid admitted not all businesses would benefit from Brexit.

Last year, the automotive, food and drink and pharmaceutical sectors warned the government that no longer aligning with key EU rules would be damaging.

Mr Javid declined to specify which EU rules he wanted to drop.

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“There will be an impact on business one way or the other, some will benefit, some won’t,” he told the paper.

He used Japan’s car industry as an example of a manufacturing sector which found success without following EU

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