Financial sector is priority for United Kingdom in Brexit negotiations

Brexit could cost nearly 500,000 UK jobs says study

While the forward-looking Cambridge study is dealing in potentialities, recruiters on the ground in London question Morgan McKinley's historic figures for December: when it comes to front office recruitment, at least, they say they're far busier than they were a year ago.

Other sectors reported include science and technology (92,000 fewer jobs), construction (43,000 fewer jobs) and the creative sector (27,000 fewer jobs).

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".

Around 10,000 finance jobs will be shifted out of Britain or created overseas in the next few years if the country is denied access to Europe's single market, according to a Reuters survey of firms employing the bulk of workers in worldwide finance.

Even softer Brexit scenarios, it is argued, like the United Kingdom remaining in the single market, but leaving the customs union after a transition period, could still result in a 176,000 fewer jobs.

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.

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The most optimistic Brexit scenario outlined, of a two-year transition period leading to single market membership without the customs union would still lead to a loss of 176,000 jobs and £20.2 billion in investment.

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

Britain could lose nearly 500,000 jobs and 50 billion pounds investment over the next 12 years if it fails to agree on a trade deal with the European Union, according to a report commissioned by London Mayor Sadiq Khan.

"If the Government continues to mishandle the negotiations we could be heading for a lost decade of lower growth and lower employment", Khan said.

"Business leaders have unanimously emphasized the need for as much clarity as possible", said the spokesperson of Theresa May after meeting with Finance Minister Philip Hammond with Downing Street Financial Services Managers 10.

Britain's forthcoming exit from the European Union was the main reason for a 37 per cent decline in new jobs available in London's financial sector last month, according to a report from recruiting firm Morgan McKinley released on Thursday.

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