Brexit could cost nearly 500000 UK jobs

Elias Hubbard
January 13, 2018

An arrangement where Britain gives up full access to the single market and customs union could threaten as many as 14,000 jobs at automotive suppliers in Germany and shrink their sales by 3.8 billion euros ($4.54 billion), the study published on Thursday found. Britain will leave the European Union in 2019.

Both ministers called for financial services to be covered by the new "economic partnership" - despite opposition to this idea from Brussels - and called for a deal that "supports collaboration within the European banking sector, rather than forcing it to fragment".

"Brexit clobbered the City's workforce in 2017".

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.

A Brexit deal with the European Union would result in only marginally lower United Kingdom growth and employment, an analysis commissioned by Sadiq Khan has concluded.

London Mayor Sadiq Khan, who campaigned against Brexit, commissioned the study and said the findings show "the potential economic risks - and human costs - at stake in the negotiations" in Brussels.

The Cabinet ministers launched a charm offensive with trips to Germany on Wednesday, which came after EU chief Brexit negotiator Michel Barnier told European companies to start preparing for increased "friction" in trade with the UK.

A worst-case Brexit scenario could put thousands of jobs at risk at German auto parts suppliers, a study warned Thursday, as Britain grapples with navigating its complex exit from the EU.

The report also showed a decline in people seeking employment in the financial sector, as the number of jobseekers in finance fell 30 per cent year-on-year in December to 4,594.

Other reports by Click Lancashire

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