Reports: Hard Brexit danger to employment

Added On January 13, 2018

A no-deal Brexit is a threat to half million British jobs and a third of those in German car industry.
That's according to two reports out this week, with some calling on negotiators to soften the blow as much as possible.
On Thursday, London Mayor Sadiq Khan revealed a study, suggesting that a half million British jobs would be under threat from a "no deal" hard Brexit.
He said London alone would see 87,000 fewer jobs, and that a no deal could wipe two percent off the city's economic output by 2030.
According to analysis, nationwide Brexit could lead to a lost decade of lower employment and economic growth.  
Khan said that the harder the Brexit British government ends up with, the bigger the potential impact on jobs, growth and living standards.
The report suggests the government change its approach, and negotiate a deal that enables Britain to remain both in the single market and the customs union.
Meanwhile, another report forecasts that a hard Brexit might wipe nearly four billion euros off the German car industry.
Every fifth car part used in Britain originates from Germany. Currently they flow back and forth over the channel free of tariffs.
However, a no-deal Brexit could lead to the introduction of import duties and a possible crash in the value of the British pound - making purchases much more costly for UK firms.
The report by dpa estimates sales of German suppliers could shrink by as much as 23 percent in a year.