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Hard Brexit might endanger 14000 jobs in German auto industry

13 January 2018

"It was a promising, positive meeting", commented a banker after the meeting.

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

As May plots Britain's course for Brexit, London's vast financial services industry is scrambling to prepare for losing access to the world's biggest trading bloc, the City of London's biggest challenge since at least the 2007-2009 financial crisis. Last year, the bankers complained that they had not been heard by May's government in preparation for leaving the EU.

"The outcomes after Brexit will depend on decisions which are yet to made".

"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.

London vies with NY as the world's financial capital. 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.

A Brexit deal with the European Union would result in only marginally lower United Kingdom growth and employment, an analysis commissioned by Sadiq Khan has concluded. 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 European Parliament is aiming to soften plans to give European Union regulators the power to force London's main clearing house to relocate if it wants to continue doing business in the single market after Brexit, an EU lawmaker said.

In the event of a "softer" departure from the EU, in which Britain remains in the single market but leaves the customs union - the so-called "Norway" option - the United Kingdom could minimise job losses to 176,000.

"We will not be paying for market access", the spokesman told reporters.

Hard Brexit might endanger 14000 jobs in German auto industry