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

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.

HTC U11 EYEs to be Unveiled on January 15
Back in December 2017, it was leaked that the upcoming device in the HTC Harmony series will be launched as HTC U11 EYEs instead. The screen will also be a bit of an upgrade , being slightly larger than its predecessor at 5.99-inches and an 18:9 aspect ratio.

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.

There have been conflicting reports about Naby Keita's Liverpool move
That's not going to cut it with the Liverpool fans will are desperately searching for any hint he will arrive in January. Liverpool have succeeded in their bid to push forward the signing of Naby Keita , according to the Express.

Hot Stock to Track: Intrepid Potash, Inc. (IPI)
Intrepid Potash Inc (NYSE: IPI)'s price sits 12.07% above from its SMA 50 of $4.03 and 41% far from the SMA 200 which is at $3.63. Wallace Cap Incorporated, a Texas-based fund reported 700,634 shares. 27,819 are owned by Quinn Opportunity Prtnrs Limited Co.

General Electric Company (NYSE:GE)
MPS Loria Financial Planners LLC purchased a new stake in shares of General Electric in the 2nd quarter worth about $113,000. Cohen Klingenstein Ltd Liability Corporation holds 156,881 shares or 0.57% of its portfolio. (NYSE:PM) for 4,198 shares.

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.

Supreme Court says judge Loya's death 'serious issue'
To this, he said "the Bombay High Court is seized of the matter and in my opinion the Supreme Court should not hear this matter". The court rejected a plea by senior advocates Dushyant Dave and Indira Jaising not to consider these two petitions.

Steyn may not bowl again in Test series against India
Steyn pulled up three balls into his 18th over after taking two for 51 in the first Test against India at Newlands. There are fears the 34-year-old speedster's career might be up just as he approaches Pollock's record.

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.

© 2015 ExpressNewsline. All Rights reserved.