Brexit caused 37% fall in new London financial jobs in December

Posted January 13, 2018

The report also argues that London could suffer much less from Brexit than the rest of the country, thereby increasing geographic inequalities across the UK. Many companies are preparing for Brexit by obtaining banking licences in other European countries and drawing up plans to move activities and jobs to financial centres in Europe.

And then came a report from recruitment firm Morgan McKinley claiming that London finance job vacancies fell 37% year-on-year in December, plus a Cambridge study warning that 87,000 fewer jobs will be created in London in the event of a "hard Brexit".

The report concludes that "the harder the Brexit, the more severe the economic damage could be".

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.

"The results show that Brexit will not only reduce the size of the United Kingdom economy, compared to what may have happened if the United Kingdom remained in the single market and customs union, but also put it on a slower long-term growth trajectory". However, the report failed to factor in the potential benefits of the United Kingdom striking free trade deals with third countries if it left the EU customs union.

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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 Britain fails to agree on a trade deal with the European Union, the United Kingdom could lose half a million jobs and nearly £50 billion in investment by 2030 - according to a report commissioned by Sadiq Khan.

He said walking away from Europe without a deal would lead to a "lost decade of lower growth".

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

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.