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Brexit could cost UK nearly 500000 jobs

Brexit could cost UK nearly 500000 jobs”

It also found that under all scenarios London and the rest of the United Kingdom would keep growing, but more slowly than if the country had stayed in the EU.

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

The study said that in a no-deal scenario, the industry that fares the worst would be financial and professional services, with as many as 119,000 fewer jobs nationwide. Other sectors reported affected would include science and technology, construction and the creative sector.

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.

The authors say that while every Brexit outcome would harm the United Kingdom economy, "the harder the Brexit, the more severe the economic damage could be".

A Cambridge Econometrics research shows that a Brexit worst-case scenario will see United Kingdom losing almost 500,000 jobs. However, the report failed to factor in the potential benefits of the United Kingdom striking free trade deals with third countries if it left the EU customs union.

Scenario two envisages the United Kingdom remaining part of the single market, but not the customs union, while scenario three has it in the customs union but not the single market.

Mrs. May has already said the United Kingdom will meet "financial obligations" to the bloc, believed to total around £20 billion, and will continue paying into the bloc's annual budget for the agreed two-year so-called Brexit "transition period".

"It is not expected to be affected as much as the United Kingdom, in terms of GVA and productivity".

A Brexit deal with the European Union would result in only marginally lower United Kingdom growth and employment, an analysis commissioned by Sadiq Khan has concluded.

Khan says the analysis shows "the harder the Brexit we end up with, the bigger the potential impact on jobs, growth and living standards".

A Downing Street spokesperson said May provided an overview of the UK's position and update on Brexit negotiations.

In a meeting with business leaders and chancellor Philip Hammond on Thursday, May promised she would prioritise formulating a new financial services trade deal with the European Union during the Brexit negotiations.



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