Hard Brexit 'could cost 14000 jobs' at German auto suppliers

Brexit could cost nearly 500,000 UK jobs says study

Brexit could cost nearly 500,000 UK jobs says study

It also found that under all scenarios London and the rest of the United Kingdom would keep growing, but more slowly than if the country had stayed in the EU.

Financial and professional services could be the hardest hit, with 119,000 fewer jobs nationally, the report claims. 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. Other sectors reported affected would include science and technology, construction and the creative sector.

"The introduction of WTO tariffs and a devaluation of the pound in case of a hard Brexit would shrink auto sales and manufacturing in the United Kingdom, directly impacting German vehicle suppliers", the report said.

As part of the study, five scenarios were examined, from the United Kingdom remaining in the single market and customs union, to leaving both, failing to get a free trade agreement or a transition period, and invoking World Trade Organisation rules.

A so-called "hard Brexit" that would see Britain leave both the single market and the customs union, could cut revenues in Germany's crucial vehicle parts industry by up to 3.8 billion euros ($4.5 billion), the accounting firm Deloitte said.

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.

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

Khan says the analysis shows "the harder the Brexit we end up with, the bigger the potential impact on jobs, growth and living standards".

"Business leaders have unanimously emphasized the need for as much clarity as possible", said the spokesperson of Theresa May after meeting with Finance Minister Philip Hammond with Downing Street Financial Services Managers 10.

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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