'Seismic drop': Brexit clobbers City jobs as vacancies fall 37%

David Davis flanked by his deputy Steve Baker
Credit
AFP

"Ministers are fast running out of time to turn the negotiations around".

Mr Farage said: "What is for certain is that the Cleggs, the Blairs, the Adonises will never ever, ever give up". And we may just finish the whole thing off. This report is according to research that has been conducted by the European Union statistics department as the key vacancies in the Finance industry in London plummeted to unexpected levels in the last three years.

The European Union risks opening the door to another global financial crisis if it refuses to give London's bankers a good trade deal, two senior United Kingdom ministers said, as the finance industry emerged as a key battleground for Brexit talks.

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.

German manufacturers supply the British automobile industry directly, and are indirectly involved in the production of German and other European cars exported to Britain, Xinhua reported.

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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. "What we are doing is working for the best deal for the British people for Brexit", Mrs May told reporters.

"For such a close trade partnership in goods and services to succeed, we will need to maintain our common principles - including our shared belief in high standards - and continue the intelligent cooperation of our regulators", the pair said.

Cambridge Econometrics also forecast that the worst-case scenario would lead to the largest drop in immigration, allowing the government to reach its target of under 100,000 arrivals from 2020 onwards but hitting productivity.

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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