Hammond: EU leaders 'paranoid' that other nations will leave after Brexit

Britain jobs

Hammond: EU leaders 'paranoid' that other nations will leave after Brexit

The Chancellor made the comments in an interview with German newspaper Welt am Sonntag in which he branded the EU's approach to trade talks as "backward-looking".

A number of MPs are arguing for a second public vote on the terms of the exit deal. They will go on whinging and whining and moaning all the way through this process. "And Blair can disappear off into total obscurity".

The analysis showed that, all told, the United Kingdom could lose 482,000 jobs and £50bn worth of investment, and the average growth rate could slow from 1.3% to 1.1%.

Philip Hammond has described European Union fears that a soft Brexit could encourage other countries to leave the trading bloc as "paranoia", saying Brussels should be doing more to keep existing members rather than "punish" Britain.

London Mayor Sadiq Khan, who campaigned against Brexit, commissioned the study and said the findings show "the potential economic risks - and human costs - at stake in the negotiations" in Brussels.

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.

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A Downing Street spokesman told reporters the government's position was "unchanged": that we would consider making financial contributions for "specific policies and programmes where that is in our joint interest", such as scientific projects.

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.

"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.

The scenario-based study was conducted by Cambridge Econometrics.

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