United Kingdom won't pay to access single market post-Brexit

A so-called'hard Brexit that would see Britain leave both the single market and the customs union could cost as many as 14,000 jobs at German car parts suppliers

United Kingdom won't pay to access single market post-Brexit

"There is no sector not negatively impacted", Mr Khan told BBC Radio 4's Today programme.

According to an economic forecast he commissioned from Cambridge Econometrics, as many as 87,000 jobs would go in London alone.

The analysis shows that under the worst of the five scenarios modelled - leaving in March 2019 without a deal or transition arrangements in place - would see 482,000 fewer jobs across the country and a loss of £46.8bn in investment by 2030.

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

"The analysis concludes that the harder the Brexit we end up with, the bigger the potential impact on jobs, growth and living standards".

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

Fears of an abrupt British exit from the bloc have grown as Prime Minister Theresa May struggles to make progress in talks with Brussels about a transition deal and the shape of a future trading relationship

Over 14,000 jobs have been put at risk out of 42,500 odd jobs in the German vehicle industry over concerns of a Hard Brexit, according to a report filed by consulting firm Deloitte on Thursday.

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 auto parts industry by up to €3.8 billion (approx RM18.2 billion), the accounting firm Deloitte said. And although the government has commissioned a number of impact assessments across many sectors, these will not be released to the parliament.

Conservative London Assembly member Gareth Bacon accused Mr Khan, a "well-known Remainer" and "advocate of Project Fear", of a "continuation of his widely-publicised anti-Brexit views".

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 spokeswoman for the Brexit department said the United Kingdom and Brussels believe they will "achieve an ambitious deal securing prosperity" for Britain and the bloc, having concluded the first stage of exit talks last month.

"The fact is, the economic collapse that Remainers like Sadiq Khan predicted would happen immediately after the referendum, has not occurred".




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