Financial sector is priority for United Kingdom in Brexit negotiations

Germany Brexit

GETTYGerman car manufacturers could be hit by huge losses after Brexit

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.

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".

A so-called "hard Brexit" that would see Britain leave both the single market and the customs union, could cut revenues in Germany's crucial vehicle parts industry by up to €3.8 billion (approx RM18.2 billion), the accounting firm Deloitte said.

The report compares four possible post-Brexit scenarios to the option of maintaining the status quo - already ruled out by the British government - of staying in the European single market and customs union.

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Government figures were reportedly looking into a "tailor-made" trade deal, with the United Kingdom remaining tied to the bloc's financial markets, The Times claimed.

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.

Trade negotiations between the United Kingdom and the EU are expected to resume in March, after the European Commission noted "sufficient progress" on three key issues: Northern Ireland, EU citizens, and the so-called "divorce bill". "If the government continues to mishandle the negotiations we could be heading for a lost decade of lower growth and lower employment", Mr Khan said.

In a statement, Khan accused the government of a "complete lack of preparation" in assessing the impact of Brexit, and urged ministers to change their negotiating position and agree to remain in the single market and customs union.

The meeting - the first of its kind since Britain and the European Union made progress in divorce talks in December - was held "to discuss the opportunities and challenges for the financial sector posed by Brexit", a Downing Street spokesman said.

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