Brexit could cost 500000 United Kingdom jobs

Lester Mason
January 14, 2018

Over 14,000 jobs have been put at risk out of 42,500 odd jobs in the German vehicle industry over concerns of a Hard Brexit, according to a report filed by consulting firm Deloitte on Thursday.

Update: The UK will not pay for the City to have single market access after Brexit, Downing Street has said today, rejecting a German plan for the future of financial services. There would be 11,000 fewer jobs in science and technology, 5,000 fewer jobs in construction and 6,000 fewer jobs across London's creative sector.

London mayor Sadiq Khan has also published a report today forecasting job losses across the United Kingdom due to Brexit, conducted by Cambridge Econometrics, which predicts that a Brexit scenario similar to the one posed by the government would mean 83,000 jobs lost in the London by 2030. Indeed, the study suggests that London's economy would see its growth slowdown by 1.9% to 2.1%, compared to 3% to 3.3% nationwide. This would widen geographic inequalities across the UK. While the forward-looking Cambridge study is dealing in potentialities, recruiters on the ground in London question Morgan McKinley's historic figures for December: when it comes to front office recruitment, at least, they say they're far busier than they were previous year.

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. It should help guide the government to the best outcome for London and the UK.

"The Prime Minister gave an overview of the UK's position and updated on Brexit negotiations - including the UK's aim to agree an implementation period by the end of March", he added.


"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".

"We hear a willingness and enthusiasm in the U.S. and from many other countries around the world to make new trade deals with us", Hammond told Die Welt.

Both the Mayor and Cambridge Econometrics are clear that this analysis is not a precise forecast of what will happen. She said she was confident parliament would back her amendments, although other prominent lawmakers have previously called for a sweeping relocation of euro business from London to the European Union after Brexit. "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".

Other reports by Iphone Fresh

Discuss This Article

FOLLOW OUR NEWSPAPER