Brexit: why a bespoke financial services deal for the United Kingdom is 'pivotal'

Germany Brexit

"The Prime Minister gave an overview of the UK's position and updated on Brexit negotiations - including the UK's aim to agree an implementation period by the end of March", he added.

The analysis also shows that London's economy would suffer significantly less from Brexit than the rest of the UK. This is seen an attempt by the prime minister to demonstrate to the European Union that the country is serious about leaving even if it fails to reach a trade deal.

A no-deal Brexit could cause the United Kingdom to lose half a million jobs and almost £50bn in investment by 2030, according to an economic forecast commissioned by the mayor of London, Sadiq Khan.

It reveals that the sector could have up to 119,000 fewer jobs than otherwise would be the case if no deal were struck with the EU on the single market, customs union and transitional arrangements.

"How do we know if David Davis is right to want to negotiate what he calls "Canada plus plus plus" [named after that country's trade deal with the EU] if we can't see how its impact on the economy would compare with no trade deal at all or trying to rejoin the single market via EFTA", said another minister.

Khan said it was "astonishing" that Theresa May's government had failed to do any analyses. It should help guide the government to the best outcome for London and the UK.

"This underlines the importance of getting a good deal that allows London's financial and professional services the maximum two-way market access with the European Union member states that they need", City of London Corporation, Catherine McGuinness, said. "Their complete lack of preparation is irresponsible leading to fears that they are putting party politics ahead of the national interest".

"This is the first time that the various impacts of Brexit - trade, investment and migration - have been comprehensively assessed across a number of key indicators and sectors at sub-national level", said Cambridge Econometrics director Ben Gardiner. There are a large number of factors that could impact on these scenarios, not least the details of any final deal with the European Union or trade deals struck with any countries.

"A no-deal Brexit runs the risk of completely undermining the growth and development of recent years and could see London fall way down the league table of global science and tech hubs".

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