UK's Hammond Dismisses Fears of Other EU States Leaving Bloc as 'Paranoia'

Erika Holt
January 14, 2018

Cambridge Econometrics also forecast that the worst-case scenario would lead to the largest drop in immigration, allowing the government to reach its target of under 100,000 arrivals from 2020 onwards but hitting productivity.

Other sectors reported include science and technology (92,000 fewer jobs), construction (43,000 fewer jobs) and the creative sector (27,000 fewer jobs).

Under a deal in which Britain was able to secure privileged access to the single market, annual growth... Indeed, the study suggests that London's economy would see its growth slowdown by 1.9% to 2.1%, compared to 3% to 3.3% nationwide.

On January 9, Michel Barnier, the European Union's (EU's) chief Brexit negotiator, delivered a speech at the "Trends Manager of the Year 2017" event in Brussels, and on January 10, the UK's Chancellor of the Exchequer, Philip Hammond, and the UK's Secretary of State for Exiting the EU, David Davis, published a joint article that originally appeared in Frankfurter Allgemeine Zeitung, a German newspaper.

A scenario in which the United Kingdom fails to agree a transition deal and future trading relationship with the bloc would also cost Britain £46.7 billion ($62.9 billion, 52.7 billion euros) in investment over the same period.

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"The government's position.is unchanged". He wants Ministers to abandon their hard Brexit approach and instead to push for continued British membership of the single market and customs union.

Prime Minister Theresa May said she is working to secure the best trade deal with the European Union after Mr Khan warned that Britain could lose nearly 500,000 jobs if it fails to agree a deal.

Leader of the SNP at Westminster, Ian Blackford, said: "Time is running out to prevent the economic catastrophe of an extreme Tory Brexit".

"The figure you referred to was his "no deal" scenario". "We don't want to give those bodies this right to use total discretion in deciding what is cleared where", Danuta Hubner, chair of the powerful constitutional affairs committee of the European Union legislature, told Reuters. And although the government has commissioned a number of impact assessments across many sectors, these will not be released to the parliament. "Their complete lack of preparation is irresponsible leading to fears that they are putting party politics ahead of the national interest". 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.

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