LONDON (Reuters) – Britain may lose virtually 500,000 jobs and 50 billion kilos funding over the subsequent 12 years if it fails to agree a commerce cope with the European Union, in response to a report commissioned by London Mayor Sadiq Khan.
Cambridge Econometrics, an economics consultancy, checked out 5 totally different Brexit situations, from the toughest to the softest type of Brexit, and broke down the financial affect on 9 industries, from building to finance.
The examine stated that in a no-deal state of affairs, the trade that fares the worst will probably be monetary providers, with as many as 119,000 fewer jobs nationwide.
“If the Government continue to mishandle the negotiations we could be heading for a lost decade of lower growth and lower employment,” Khan stated. “Ministers are fast running out of time to turn the negotiations around.”
Britain and the EU will quickly start the a lot tougher activity of defining their future buying and selling relationship, after settling the broad phrases of their divorce settlement final month.
A stand-off between Britain and the EU over the long run entry to single market for London’s huge monetary providers trade is shaping as much as be one of many key Brexit battlegrounds earlier than Britain is because of go away the bloc in March 2019.
Reporting By Andrew MacAskill; enhancing by Guy Faulconbridge