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Sadiq Khan to warn hard Brexit will cost millions of jobs across UK Sadiq Khan to warn hard Brexit will cost millions of jobs across UK
(35 minutes later)
The mayor of London is to warn the government that its “hard-headed, hard-nosed, hard Brexit approach” is reckless and will cause millions of job losses, not just in the financial district but across the UK. The mayor of London is to warn the government that its “hard-headed, hard-nosed, hard Brexit approach” is reckless and will cause the loss of millions of jobs, not just in the financial district but across the UK.
Sadiq Khan will tell business leaders that the vote for Brexit did not mean the government needed to choose a route of “economic self-sabotage” and urge Theresa May to approach the UK’s departure of the EU with more pragmatism. Sadiq Khan will tell business leaders that the vote for Brexit did not mean the government needed to choose a route of “economic self-sabotage” and will urge Theresa May to approach the UK’s departure from the EU with more pragmatism.
“If the proper agreements aren’t negotiated, there will be serious knock-on impacts with jobs and billions of revenue lost – something that would hit the entire country, not just London,” Khan will say, at a City of London Corporation banquet at the Museum of London, on Thursday evening.“If the proper agreements aren’t negotiated, there will be serious knock-on impacts with jobs and billions of revenue lost – something that would hit the entire country, not just London,” Khan will say, at a City of London Corporation banquet at the Museum of London, on Thursday evening.
“My motivation is not about protecting old City institutions just for the sake of it or presenting a London-centric approach. It’s about protecting our country’s economy – protecting jobs, promoting growth and safe-guarding prosperity for the next generation,” he said.“My motivation is not about protecting old City institutions just for the sake of it or presenting a London-centric approach. It’s about protecting our country’s economy – protecting jobs, promoting growth and safe-guarding prosperity for the next generation,” he said.
He is to express concern that the UK could end up without access to the single market – a so-called hard Brexit which blocks the ease with which British businesses deal with the remaining 27 members of the EU. He is to express concern that the UK could end up without access to the single market – a so-called hard Brexit that blocks the ease with which British businesses deal with the remaining 27 members of the EU.
“If the government continues with a reckless hard-headed, hard-nosed, hard Brexit approach – and we end up losing access to the single market that helps make our financial services industry a world leader – the impact would ripple out far and wide,” Khan will say.“If the government continues with a reckless hard-headed, hard-nosed, hard Brexit approach – and we end up losing access to the single market that helps make our financial services industry a world leader – the impact would ripple out far and wide,” Khan will say.
Khan is also warning that Brexit could actually lead to businesses being more likely to move to New York, Singapore and Hong Kong than to other cities in Europe. Sir Jon Cunliffe, deputy governor of the Bank of England, has also warned that emaining EU members may not catch the fall out from the City. Khan is also warning that Brexit could actually lead to businesses being more likely to move to New York, Singapore and Hong Kong than to other cities in Europe. Sir Jon Cunliffe, deputy governor of the Bank of England, has also warned that remaining EU members may not catch the fallout from the City.
On the 30th anniversary of the “big bang” – the measures brought in by Margaret Thatcher to revolutionise the City – Khan will cite figures showing banking, finance and professional services contributed £190bn to the UK economy; almost 12%. On the 30th anniversary of the “big bang” – the measures brought in by Margaret Thatcher to revolutionise the City – Khan will cite figures showing that banking, finance and professional services contributed £190bn to the UK economy – almost 12%.
“Yes, the country voted for Brexit. And of course, that means we’ll be leaving the European Union. But that doesn’t mean unnecessary economic self-sabotage. The government doesn’t have a mandate to jeopardise our economy or the prosperity of millions of people in London and across the country,” said Khan.“Yes, the country voted for Brexit. And of course, that means we’ll be leaving the European Union. But that doesn’t mean unnecessary economic self-sabotage. The government doesn’t have a mandate to jeopardise our economy or the prosperity of millions of people in London and across the country,” said Khan.
The London mayor wants the UK to retain access to the both the single market – perhaps with so-called passporting rights – and also protecting the working rights of EU citizens already working in the City. The London mayor wants the UK to retain access to both the single market – perhaps with so-called passporting rights – and also protecting the working rights of EU citizens already working in the City.
Financiers have been concerned not just about the deal that will be negotiated once article 50 is triggered but also whether their staff will be welcomed in the UK, particularly after the home secretary, Amber Rudd, raised the idea of companies disclosing the proportion of foreigners that they employ.Financiers have been concerned not just about the deal that will be negotiated once article 50 is triggered but also whether their staff will be welcomed in the UK, particularly after the home secretary, Amber Rudd, raised the idea of companies disclosing the proportion of foreigners that they employ.
Chancellor Philip Hammond has insisted that the issue with immigration is not with “highly skilled and highly paid bankers, brain surgeons, software engineers”. The chancellor, Philip Hammond, has insisted that the issue with immigration is not with “highly skilled and highly paid bankers, brain surgeons, software engineers”.