Brexit could cost nearly 500000 UK jobs


The report also shows that London could suffer much less from Brexit than the rest of the country - increasing geographic inequalities across the UK.

There is no mention of Northern Ireland, or Ireland, in the study by Cambridge Econometrics.

A worst-case Brexit scenario could put thousands of jobs at risk at German vehicle parts suppliers, a study warned Thursday, as Britain grapples with navigating its complex exit from the EU. Other sectors reported affected would include science and technology, construction and the creative sector.

The news organisation reported that Staley told the PM that high taxes and red tape were impacting financial services firms based in the United Kingdom and making it harder for them to compete against USA rivals.

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Khan urged Prime Minister Theresa May to ensure Britain avoids this outcome by negotiating "a deal that enables us to remain in both the single market and the customs union".

Even softer Brexit scenarios, it is argued, like the United Kingdom remaining in the single market, but leaving the customs union after a transition period, could still result in a 176,000 fewer jobs. However, the report failed to factor in the potential benefits of the United Kingdom striking free trade deals with third countries if it left the EU customs union.

The most optimistic Brexit scenario outlined, of a two-year transition period leading to single market membership without the customs union would still lead to a loss of 176,000 jobs and £20.2 billion in investment.

Government figures were reportedly looking into a "tailor-made" trade deal, with the United Kingdom remaining tied to the bloc's financial markets, The Times claimed.

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"It is not expected to be affected as much as the United Kingdom, in terms of GVA and productivity".

A study commissioned by London Mayor Sadiq Khan shows that nearly half a million jobs are under threat if Britain fails to strike a deal on future relations with the European Union before it leaves the bloc.

He said walking away from Europe without a deal would lead to a "lost decade of lower growth".

In a meeting with business leaders and chancellor Philip Hammond on Thursday, May promised she would prioritise formulating a new financial services trade deal with the European Union during the Brexit negotiations.

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