Financial sector is priority for United Kingdom in Brexit negotiations

Elias Hubbard
January 13, 2018

Financial and professional services could be the hardest hit, with 119,000 fewer jobs nationally, the report claims. There would be 11,000 fewer jobs in science and technology, 5,000 fewer jobs in construction and 6,000 fewer jobs across London's creative sector.

The research shows that every Brexit outcome analysed would be bad for the British economy, but that the harder the Brexit, the more severe the economic damage could be.

Earlier that day, London's Mayor Sadiq Khan published a report that estimates the possible cost of Brexit to the tune of €56bn and 500,000 jobs by 2030.

Britain and the European Union will soon begin efforts to try to define their future trading relationship after officials from both sides settled the broad terms of their divorce settlement in December.

"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.

However, Michel Barnier, the European Commission's chief Brexit negotiator, has previously insisted that no special deal on banking can be made after Brexit.

"We will not be paying for market access", he told reporters ahead of the gathering.

Khan said it was "astonishing" that Theresa May's government had failed to do any analyses. If one member leaves, you don't immediately panic that all the other members might leave, but are confident they will want to remain.

Both the Mayor and Cambridge Econometrics are clear that this analysis is not a precise forecast of what will happen.

"Brexit clobbered the City's workforce in 2017". While the forward-looking Cambridge study is dealing in potentialities, recruiters on the ground in London question Morgan McKinley's historic figures for December: when it comes to front office recruitment, at least, they say they're far busier than they were a year ago.

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