Tuesday, 23 January, 2018

Failure to strike deal with European Union 'could cost 500000 jobs'

Workers at Porsche’s factory in Stuttgart. About 42,500 jobs in ­Germany depend on supplier ties with Britain Workers at Porsche’s factory in Stuttgart. About 42,500 jobs in ­Germany depend on supplier ties with BritainTHOMAS NIEDERMUELLER GETTY IMAGES
Bennie Garza | 13 January, 2018, 22:21

Theresa May's comments contrast sharply with her stance before last year's election when she made a point of showing voters she wanted to break with what some considered an overly cosy relationship between big business and the government.

"This independent analysis of Brexit reveals the potential economic risks - and human costs - at stake in the negotiations", Khan said, following the publication of the data. The European Commission proposed in June to give broad powers to itself, the European Central Bank and the European Securities and Markets Authority allowing them to force foreign clearing houses deemed "substantially systemically important" to move into the bloc, or face exclusion from the EU market.

May met in Downing Street with some of Europe's most powerful financiers including Mark Tucker, the HSBC chairman, Axel Weber, the UBS chairman, and Richard Gnodde, chief executive of Goldman Sachs International.

"In December, the City is abuzz with holiday parties not hiring, so a drop is to be expected, but for it to be such a seismic drop is alarming", said Hakan Enver, operations director, Morgan McKinley Financial Services.

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.

London vies with NY as the world's financial capital.

But other European Union capitals see Brexit as an opportunity to grab business from London.

"This 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", Khan said.

"We will not be paying for market access", the spokesman told reporters.

EU budget commissioner Guenther Oettinger told reporters in Brussels on Wednesday that any payments after transition were a matter for the negotiations but suggested "the United Kingdom could reflect upon" how Switzerland pays to participate in certain European projects.

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