World News

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

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

"You can not really run a club if you are constantly threatening members who decide to leave".

British Prime Minister Theresa May has told bankers from firms such as Goldman Sachs that they were a priority for her in the Brexit talks.

Even under the softest scenario they proposed, London is set to lose 30,500 jobs following Brexit, with the United Kingdom losing 176,000 by 2030, compared to if the United Kingdom remained in the single market and customs union.

In an interview with the German newspaper, Mr Hammond said: "We hear a willingness and enthusiasm in the U.S. and from many other countries around the world to make new trade deals with us".

"We hear from Europe only backward-looking stuff". Hammond last night told a Berlin dinner to stop trying to punish the United Kingdom for its decision and start making it clear what the country wants from a post-Brexit trade deal.

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In particular, members of the all-important European Union Exit and Trade Committee and its sub-committees (there are four of them) say they have not been shown the Treasury's analyses of the economic impact of "different scenarios for the future trading relationship with the EU". If one member leaves, you don't immediately panic that all the other members might leave, but are confident they will want to remain.

"You can not really run a club if you are constantly threatening members who decide to leave".

Mr Hammond also stood firm on demands that financial services were included in any Brexit deal - an idea that has been opposed by chief Brexit negotiator Michel Barnier.

The chancellor and the Brexit secretary are in Berlin on Wednesday meeting German business leaders as they try to convince the European Union that a bespoke deal to include special provisions for the City of London.

"To enter into an agreement on goods with no agreement on services would be a very one-sided arrangement and I don't think that could be attractive for us", he added, "Why should you cut yourself off from the world's leading financial center right on your doorstep and find yourself beholden to other centres like Hong Kong, Singapore, New York or Tokyo?"


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