Britain may lose half a million jobs in Hard Brexit

Deloitte found a hard Brexit would put the brakes on German suppliers revenues

Deloitte found a hard Brexit would put the brakes on German auto suppliers' revenues

"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. "The percentage that would vote to leave next time would be very much bigger than it was last time round".

"Ministers are fast running out of time to turn the negotiations around", he said. Both sides are now in the process of deciding exactly what they want to get from the talks. "And Blair can disappear off into total obscurity".

The British government on Thursday ruled out paying the European Union to access the single market after leaving the bloc, as Prime Minister Theresa May tried to reassure finance sector players over Brexit.

A separate study on Thursday, commissioned by London Mayor Sadiq Khan, found that Britain could lose almost 500,000 jobs and some 50 billion euros in investment by 2030 if it crashes out of the European Union without a deal.

Even softer Brexit scenarios, like the United Kingdom remaining in the Single Market, but leaving the Customs Union after a transition period, could still result in 176,000 fewer jobs across the country.

The Mayor of London, Sadiq Khan, said, "This independent analysis reveals the potential economic risks - and human costs - at stake in the negotiations".

In a statement the Europhile mayor accused the government of a "complete lack of preparation" in assessing the impact of Brexit, urging ministers to change their negotiating position and agree to remain in the single market and customs union.

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The stance follows a Bloomberg News report that EU officials are considering a proposal to require Britain to pay for financial companies to access European markets following Brexit.

The EU chief Brexit negotiator, Michel Barnier, has made clear that the UK's intention to restrict immigration from Europe and break free from the European court of justice means it can only expect a trade deal modelled on the one the EU has with Canada, which does not include services and would lead to British banks losing their financial services passport.

"The figure you referred to was his "no deal" scenario".

There's no mention of Northern Ireland, or the Republic, in the study by Cambridge Econometrics.

Comparatively, maintaining the status quo would see migration falling from 232,000 in 2020 to 220,000 a decade later.

Finance sector chiefs have long advocated an implementation phase after Britain leaves the European Union as planned on March 29, 2019, to avoid disruption as both sides adjust to a new trading relationship.

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