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

Post-Brexit travel visa

Michel Barnier, the EU's chief Brexit negotiator, together with Europe's top politicians, have gone out of their way to warn repeatedly there will be no special, bespoke deals for various sectors - including financial services.

Theresa May's comments contrast sharply with her stance before last year's election when she made a point of showing voters she wanted to break with what some considered an overly cosy relationship between big business and the government.

"The whole point of the meeting was to say to us, look we know you feel we haven't prioritised you so far in the negotiations, but we will".

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.

Top British bankers asked Prime Minister Theresa May for more clarity about the future regulatory relations between the United Kingdom and the European Union (EU), although they were encouraged by the preliminary divorce agreement reached last month.

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.

ETIAS Everything you need to know about the EU visa

Khan cited research from the Cambridge Econometrics consultancy which showed that in a no-deal scenario, the industry that fares the worst will be financial and professional services, with as many as 119,000 fewer jobs nationwide.

"In December, the City is abuzz with holiday parties not hiring, so a drop is to be expected, but for it to be such a seismic drop is alarming", said Hakan Enver, operations director, Morgan McKinley Financial Services. She said she was confident parliament would back her amendments, although other prominent lawmakers have previously called for a sweeping relocation of euro business from London to the European Union after Brexit.

London vies with NY as the world's financial capital. The EU has already proposed that clearing of euro-denominated derivatives, done mainly in London, could move to the euro zone without a comprehensive Brexit deal.

"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".

Khan commissioned the report after the Brexit secretary, David Davis, told MPs he had not, as long believed, ordered central government impact assessments into the potential economic effects of Brexit.

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