No-Deal Brexit Scenario Puts 87000 Jobs in London at Risk

No-Deal Brexit Scenario Puts 87000 Jobs in London at Risk

The economic study, commissioned by mayor of London Sadiq Khan after the Government failed to produce one, investigates the impact of multiple Brexit outcomes.

Khan commissioned a series of impact papers to determine the potential impact of different Brexit scenarios on key sectors of the United Kingdom economy after Brexit secretary David Davis said the government had not done so. The hit to London is calculated at 2%.

The analysis concludes that the harder the Brexit we end up with, the bigger the potential impact on jobs, growth and living standards.

Sadiq Khan accused the British Government of a "total lack of preparation" on the consequences of Brexit, calling on it to change its negotiation position and agree to keep the country in the single market and customs union.

The report also shows that London could suffer much less from Brexit than the rest of the country - increasing "geographic inequalities" across the UK.

Cambridge Econometrics, an economics consultancy, looked at five different Brexit scenarios, from the hardest to the softest form of Brexit, and broke down the economic impact on nine industries, from construction to finance. Ministers are fast running out of time to turn the negotiations around.

The research suggests 500,000 jobs could be lost under a "hard Brexit" scenario, with 87,000 at risk in London.

It also notes that while post-Brexit restrictions on immigration could reduce the number of overseas workers available to employers: "London residents who were unemployed or inactive may be employed following migration restrictions because there is less competition for jobs".

"Our analysis is particularly valuable to local leaders because it indicates the potential impact on employment and output of Brexit under a range of scenarios, which is necessary given the uncertainty surrounding the final outcome of negotiations".

International Trade Secretary Liam Fox called the report into the impact of Brexit "anything other than cataclysmic".

A spokesperson for the Department for Exiting the European Union said: "The fact is we are working to secure the best and most ambitious Brexit deal for the whole of the United Kingdom".

The firm, which has offices in Brussels, is managed by Philip Summerton, who regularly retweets European Union loyalists such as Chuka Umunna MP and former Remain campaign director Will Straw. "I don't believe that we will necessarily lose our share of market".



Related Posts

PDP MLA's 'militants' are martyrs' remark miffs ally BJP
To a poser on local militants, he said, "Call them militants or terrorists, but they are Kashmiris, they are our brothers". If you have noticed we haven't put up a paywall unlike many news organisations, - as we want to keep our journalism open.

Kerber beats Barty to win Sydney title
Barty will play in her first home WTA final on after overcoming compatriot Daria Gavrilova 3-6, 6-4, 6-2. "She played unbelievable previous year ", Kerber said.

Russian DM: Syrian Militants Who Attacked Airbase Killed
The ministry said its forces repelled a series of drone attacks Saturday on the Hemeimeem air base and a naval facility in Tartus. ISIS also used booby-trapped drones to kill two Kurdish fighters in 2016.

Sears (SHLD) Upgraded by BidaskClub to Sell
Sears Holdings Corporation (NASDAQ:SHLD) is on our radar right now but there could still be some opportunities on the horizon. It improved, as 41 investors sold BIG shares while 95 reduced holdings. 68 funds opened positions while 191 raised stakes.

MLK parade organizers file appeal for permit to City officials
Arlington's traditional Advancing the Dream celebration, hosted by the Arlington Martin Luther King, Jr. Monday, was to include bands, floats, elected officials, vehicle clubs and more.

Jay Rock shares "King's Dead" ft. Kendrick Lamar, Future and James Blake
With highly-acclaimed TDE releases from Kendrick Lamar , SZA , and ScHoolboy Q, Rock is indeed overdue to drop an album.

Indian passports may no longer be used as address proof
Name, father or legal guardian's name, mother's name, spouse's name and address are printed on the last page of Indian passport. While an official Passport has a white cover and is issued to those representing the Indian government on official business.

Lincoln Hills closure to cause big changes in juvenile corrections
Up to three new prisons would be in southeastern Wisconsin near Milwaukee, though the sites have not yet been chosen. This will maintain and potentially even expand the number of jobs in Lincoln County.

Wild Monkeys are spreading Herpes to people, researchers alert
Samantha Wisely, a researcher at the University of Florida had been studying this non-native group of monkeys since 2015. Because it is present in bodily fluids, the monkeys have the potential to spread the disease more easily than usual.

Apple Inc. (NASDAQ:AAPL) is Boston Advisors LLC's Largest Position
COOK TIMOTHY D also sold $43.15M worth of Apple Inc . $8.79M worth of Apple Inc . (NASDAQ: AAPL ) was sold by AHRENDTS ANGELA J . Since August 7, 2017, it had 0 insider buys, and 12 insider sales for $93.68 million activity. (NASDAQ:FB) was sold by Koum Jan.

© 2015 ExpressNewsline. All Rights reserved.