United Kingdom treasury chief accuses European Union of paranoia over Brexit

A so-called'hard Brexit that would see Britain leave both the single market and the customs union could cost as many as 14,000 jobs at German car parts suppliers

A spokeswoman for the Brexit department said the United Kingdom and Brussels believe they will "achieve an ambitious deal securing prosperity" for Britain and the bloc, having concluded the first stage of exit talks last month. There would be 11,000 fewer jobs in science and technology, 5,000 fewer jobs in construction and 6,000 fewer jobs across London's creative sector.

Mayor Sadiq Khan said Britain could lose nearly 500,000 jobs if it failed to agree a trade deal with the European Union. The UK's economic output (measured by Gross Value Added) could fall by 3% by 2030 - the equivalent of £54.5bn.

Brexit negotiations that started on June 19 between the United Kingdom and the European Union entered its second phase in December, with the parties having to discuss acute issues such as the transition period their relations and future long-term trade and security cooperation.

"The government's position.is unchanged".

Even softer Brexit scenarios, like the United Kingdom remaining in the Single Market, but leaving the Customs Union after a transition period, could still result in 176,000 fewer jobs across the country.

London Mayor Sadiq Khan, who campaigned against Brexit, commissioned the study and said the findings show "the potential economic risks - and human costs - at stake in the negotiations" in Brussels.


One senior minister said: "How are we supposed to know what kind of Brexit is best if we aren't being provided with our own assessments of what they mean for our future prospects?"

Khan said it was "astonishing" that Theresa May's government had failed to do any analyses.

London's chief digital officer, Theo Blackwell, said: "London's science and tech sectors are some of the most innovative and exciting parts of our economy and are the rival of anywhere in the world for their dynamism and creativity".

Speaking to business leaders at a private event in Berlin on Wednesday night, Hammond had insisted that the pressure to come up with a more creative solution did not lie with the United Kingdom alone - comments later rebuffed by at least one of the people present.

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