Brexit could cost United Kingdom about 5L jobs

The Foreign Office said the'informal meeting was'productive

The Foreign Office said the'informal meeting was'productive

Financial and professional services could be the hardest hit, with 119,000 fewer jobs nationally, the report claims.

A no-deal Brexit could cause the United Kingdom to lose half a million jobs and almost £50bn in investment by 2030, according to an economic forecast commissioned by the mayor of London, Sadiq Khan.

The analysis by Cambridge Econometrics predicts that a no-deal Brexit could shed as many as 87,000 jobs in London alone, with the capital's economic output 2% lower in 2030 than what would be expected under a soft Brexit.

"As expected, the more severe the type of Brexit, the greater the negative impact will be on London and the United Kingdom", the report stated. It also found that under all scenarios London and the rest of the United Kingdom would keep growing, but more slowly than if the country had stayed in the EU.

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"Business leaders have unanimously emphasized the need for as much clarity as possible", said the spokesperson of Theresa May after meeting with Finance Minister Philip Hammond with Downing Street Financial Services Managers 10.

Even softer Brexit scenarios, like the United Kingdom remaining in the Single Market, but leaving the Customs Union after a transition period, could still result in 176,000 fewer jobs across the country. "The completion of the first phase of the talks must have given them confidence", he added.

"This shows why the government should now change its approach and negotiate a deal that enables us to remain in both the single market and the customs union", Khan said. The analysis does however highlight the scale of the comparative risks associated with each scenario and potential outcome from the negotiations. "The UK government is increasingly recognising the importance of European Union labour in key sectors, as well as committing to remain engaged with European Union programs".

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