Failure to strike deal with European Union 'could cost 500000 jobs'

Deloitte found a hard Brexit would put the brakes on German suppliers revenues

The industries in question, such as aviation and drug-manufacturing, would undoubtedly be a part of the trade talks which are set to commence in late March in which European Union and United Kingdom negotiators will strive to keep trade as frictionless as possible.

He also made a joint pitch to business leaders with Brexit Secretary David Davis, where they called for a bespoke post-Brexit trade deal with the European Union which would be the "most ambitious in the world".

The EU chief Brexit negotiator, Michel Barnier, has made clear that the UK's intention to restrict immigration from Europe and break free from the European court of justice means it can only expect a trade deal modelled on the one the EU has with Canada, which does not include services and would lead to British banks losing their financial services passport.

Mayor Sadiq Khan said Britain could lose nearly 500,000 jobs if it failed to agree a trade deal with the European Union.

It reveals that the sector could have up to 119,000 fewer jobs than otherwise would be the case if no deal were struck with the EU on the single market, customs union and transitional arrangements.

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"The figure you referred to was his "no deal" scenario".

"I've released these impact assessments because the British people and our businesses have a right to know the likely impact of the various options the government are considering on their lives and personal finances".

The Morgan McKinley report is one of the starkest data points yet showing how hiring has slowed as firms struggle to get clarity on what access they will have to Europe's financial markets following Brexit. "Their complete lack of preparation is irresponsible leading to fears that they are putting party politics ahead of the national interest".

"A no-deal Brexit runs the risk of completely undermining the growth and development of recent years and could see London fall way down the league table of global science and tech hubs. Leaving the European Union will come at a cost and, with many businesses about to make decisions about where they will invest and grow, it's time the government stopped its ministerial reshuffling and internal politicking and instead set out a coherent plan for continued market access and tariff free trade with Europe".

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