Brexit caused 37% fall in new London financial jobs in December

Sergio Conner
January 14, 2018

On January 9, Michel Barnier, the European Union's (EU's) chief Brexit negotiator, delivered a speech at the "Trends Manager of the Year 2017" event in Brussels, and on January 10, the UK's Chancellor of the Exchequer, Philip Hammond, and the UK's Secretary of State for Exiting the EU, David Davis, published a joint article that originally appeared in Frankfurter Allgemeine Zeitung, a German newspaper.

While speaking about a possible free trade agreement with the EU, Hammond reiterated London's demands that the country would need access for its services to the single market.

A separate study on Thursday, commissioned by London Mayor Sadiq Khan, found that Britain could lose almost 500,000 jobs and some 50 billion euros in investment by 2030 if it crashes out of the European Union without a deal.

There's no mention of Northern Ireland, or the Republic, in the study by Cambridge Econometrics.

The Mayor warned that time is fast running out on the negotiations, as a final deal including the full details of a transitional deal and detailed agreement on the outline of a future trade relationship must be agreed between the UK Government and the European Union 27 by October this year- just 10 months from now - in order to receive ratification from all European Union members.

Germany Brexit
GETTYGerman car manufacturers could be hit by huge losses after Brexit

"The government's position, set out at Lancaster House and Florence, is unchanged". The worst case scenario envisions the failure to secure a two-year transition period, leading to a decade of growth stagnation and the loss of 87,000 jobs. It should help guide the government to the best outcome for London and the UK.

Leader of the SNP at Westminster, Ian Blackford, said: "Time is running out to prevent the economic catastrophe of an extreme Tory Brexit". "We don't want to give those bodies this right to use total discretion in deciding what is cleared where", Danuta Hubner, chair of the powerful constitutional affairs committee of the European Union legislature, told Reuters.

"It's astonishing that the government has failed to do any proper impact assessments on what Brexit could mean for our economy".

But there may be surprise, bordering on shock, that even the Prime Minister's most senior ministers are not being trusted to see what the Treasury assesses as the costs and benefits of different trading arrangements with the EU's Single Market.

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