PM pledges to include financial services in trade deal

PM pledges to include financial services in trade deal

PM pledges to include financial services in trade deal

A no-deal Brexit could result in half a million fewer jobs in the United Kingdom, with almost £50bn in investment lost across the country, a report commissioned by the mayor of London has found.

Over 14,000 jobs have been put at risk out of 42,500 odd jobs in the German auto industry over concerns of a Hard Brexit, according to a report filed by consulting firm Deloitte on Thursday. This would widen geographic inequalities across the UK.

"This new analysis shows why the Government should now change its approach and negotiate a deal that enables us to remain in both the single market and the customs union". Britain and the European Union will soon begin the much harder task of defining their future trading relationship, after settling the broad terms of their divorce settlement last month.

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The economic forecast is based on five different Brexit scenarios, the worst of which is a "no-deal" exit that would lead to "lost decade" of an economic slump.

"The Prime Minister gave an overview of the UK's position and updated on Brexit negotiations -- including the UK's aim to agree an implementation period by the end of March", he added. A "no deal" hard Brexit is still a very real risk - the worst possible scenario.

"It's astonishing that the government has failed to do any proper impact assessments on what Brexit could mean for our economy".

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"In the Brexit year 2019, a hard Brexit would cause sales of German suppliers to shrink by 23 per cent from 16.4 to 12.6 billion euros, which represents a decline of around 5 per cent of German suppliers' current total turnover", Deloitte chief economist Alexander Boersch said.

At Thursday's meeting May asked the finance titans to "emphasise the benefits for Europe as a whole of the UK's financial centre" during any conversations they have in European capitals, the Downing Street spokesman said.

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