United Kingdom would face 'lost decade' in no-deal Brexit

Cutting out Brussels UK ministers make Brexit pitch to Germany

It also found that under all scenarios London and the rest of the United Kingdom would keep growing, but more slowly than if the country had stayed in the EU.

The scenario-based study was conducted by Cambridge Econometrics.

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

German automobile industry could expect a loss of up to 3.8 billion euros (4.6 billion USA dollars) in the Brexit year, because of the close interdependence of the suppliers with carmakers in Germany, Britain and other European Union countries, said the report named "hard Brexit and supply chain".

The worst case scenario envisions the failure to secure a two-year transition period, leading to a decade of growth stagnation and the loss of 87,000 jobs. However, the report failed to factor in the potential benefits of the United Kingdom striking free trade deals with third countries if it left the EU customs union.

"This new analysis shows why the Government should now change its approach and negotiate a deal that enables us to remain in both the single market and the customs union".

The scenario that largely now fits the direction of travel is number four, which envisages a two-year transition period, before leaving the single market and customs union and falling back on WTO rules.

More news: China defends deployment of naval ship to Japan-claimed islands

Government figures were reportedly looking into a "tailor-made" trade deal, with the United Kingdom remaining tied to the bloc's financial markets, The Times claimed.

A no-deal Brexit could cost the United Kingdom economy £50bn, according to independent economic analysis commissioned by Mayor of London Sadiq Khan.

"It is not expected to be affected as much as the United Kingdom, in terms of GVA and productivity".

"If the Government continues to mishandle the negotiations we could be heading for a lost decade of lower growth and lower employment".

"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.

Brexit was the main reason for a 37pc drop in new jobs available in London's financial sector last month, according to a separate report from recruiting firm Morgan McKinley.

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