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

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

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.

"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?" He stated that more than 80% of Britain's economy was services-based and he saw the country's opportunities for future growth in the same sector.

He said he was convinced that the leave campaign would win a second vote by a larger margin than the 52%-48% in 2016, but to a hold a second referendum would "set a precedent for revisiting any democratic decision made in future".

"Ministers are fast running out of time to turn the negotiations around". They will go on whinging and whining and moaning all the way through this process.

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.


The Prime Minister has confirmed that Britain will not pay for access to the European financial market.

A Downing Street spokesperson said May provided an overview of the UK's position and update on Brexit negotiations.

A stand-off between Britain and the European Union over the future access to single market for London's vast financial services industry is shaping up to be one of the key Brexit battlegrounds before Britain is due to leave the bloc in March 2019.

"The figure you referred to was his "no deal" scenario".

Comparatively, maintaining the status quo would see migration falling from 232,000 in 2020 to 220,000 a decade later. The financial sector has long demanded a transitional period after Brexit to avoid shocks in the transition to new trade relations with the EU.

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