‘No deal’ Brexit could cost Britain about 500,000 jobs, London mayor says

Created 12 January 2018
  • PDF
Editor Choice
Share
(0 votes, average 0 out of 5)

Britain could lose almost 500,000 jobs and 50 billion pounds ($67.41 billion) investment over the next 12 years if it fails to agree a trade deal with the European Union, according a report commissioned by London Mayor Sadiq Khan.

‘No deal’ Brexit could cost Britain about 500,000 jobs, London mayor says

Cambridge Econometrics, an economics consultancy, looked at five different Brexit scenarios, from the hardest to the softest form of Brexit, and broke down the economic impact on nine industries, from construction to finance.

The study said that in a no-deal scenario, the industry that fares the worst will be financial and professional services, with as many as 119,000 fewer jobs nationwide.

“If the Government continues to mishandle the negotiations we could be heading for a lost decade of lower growth and lower employment,” Khan said on Jan. 11.

“Ministers are fast running out of time to turn the negotiations around.”

Britain and the EU will soon begin the much harder task of defining their future trading relationship, after settling the broad terms of their divorce settlement last month.

A stand-off between Britain and the EU over the future access to single market for London’s vast financial services industry is shaping up to be one of the key Brexit battlegrounds before Britain is due to leave the bloc in March 2019.

 

Source: HurriyetdailyNews

Maybe You Also Interesting :

» Bac Lieu focuses on high-tech shrimp farming, clean energy

CAN THO – High-tech shrimp farming and clean energy will be drivers of economic development in the Mekong Delta province of Bac Lieu in the coming time,...

» Vietnam targets US$9 billion seafood export in 2018

HCMC – The Ministry of Agriculture and Rural Development has set a target of earning US$9 billion from seafood exports this year, heard a conference on...

» MPs approve landmark Brexit bill

British MPs gave the green light on Wednesday to a landmark Brexit bill after weeks of debate and a damaging government defeat, but the legislation now faces a...

Popular News Categories:

- Asia & Asean  |  EU & Russia  |  America

- Facts  |  Urban  |  Faculty  |  Environment

- Business  |  Finance  |  Market Health

- Destination  |  Cuisine  |  Arts Music

- Cinema  |  Soccer  |  Sports  |  IT & Internet