Failure to strike deal with European Union 'could cost 500000 jobs'

  • Failure to strike deal with European Union 'could cost 500000 jobs'

Failure to strike deal with European Union 'could cost 500000 jobs'

Around 10,000 finance jobs will be shifted out of Britain or created overseas in the next few years if the country is denied access to Europe's single market, according to a Reuters survey of firms employing the bulk of workers in global finance. He stated that more than 80% of Britain's economy was services-based and he saw the country's opportunities for future growth in the same sector. We hear from Europe only backward-looking stuff. "To enter into an agreement on goods with no agreement on services would be a very one-sided arrangement and I don't think that could be attractive for us".

The mayor of London said that the study showed a no-deal Brexit could cost 500,000 jobs and £50 billion in lost investment compared with staying in.

He said he was convinced that the leave campaign would win a second vote by a larger margin than the 52%-48% in 2016, but to a hold a second referendum would "set a precedent for revisiting any democratic decision made in future".

He also made a joint pitch to business leaders with Brexit Secretary David Davis, where they called for a bespoke post-Brexit trade deal with the European Union which would be the "most ambitious in the world".

Mayor Sadiq Khan said Britain could lose nearly 500,000 jobs if it failed to agree a trade deal with the European Union.

"The Prime Minister gave an overview of the UK's position and updated on Brexit negotiations - including the UK's aim to agree an implementation period by the end of March", he added.

In the event of a "softer" departure from the EU, in which Britain remains in the single market but leaves the customs union - the so-called "Norway" option - the United Kingdom could minimise job losses to 176,000.

"The figure you referred to was his "no deal" scenario".

"Well, we are leaving and we want to retain the closest possible partnership with the European Union".

There's no mention of Northern Ireland, or the Republic, in the study by Cambridge Econometrics.

Transition arrangements, trade and security will be on the agenda of Brexit negotiations later this year before Britain leaves the European Union in March 2019.