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| Sadiq Khan warns hard Brexit will cost millions of jobs across UK | |
| (35 minutes later) | |
| The mayor of London has warned 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. | The mayor of London has warned 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 told business leaders that the vote for Brexit did not mean the government needed to choose a route of “economic self-sabotage” and urged Theresa May to approach the UK’s departure from the EU with more pragmatism. | Sadiq Khan told business leaders that the vote for Brexit did not mean the government needed to choose a route of “economic self-sabotage” and urged 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 told 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 told 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. |
| The mayor expressed 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. | The mayor expressed 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 said. | “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 said. |
| Khan spoke alongside Mark Boleat, policy chairman of the City of London Corporation local authority. Boleat acknowledged that it is inevitable that jobs will be lost. | Khan spoke alongside Mark Boleat, policy chairman of the City of London Corporation local authority. Boleat acknowledged that it is inevitable that jobs will be lost. |
| “To the extent that some activities will no longer be able to be conducted from London, there needs to be suitable transition arrangements so that there is not unnecessary harm to employment and the economy generally,” Boleat said. | “To the extent that some activities will no longer be able to be conducted from London, there needs to be suitable transition arrangements so that there is not unnecessary harm to employment and the economy generally,” Boleat said. |
| “And it is not a question of the number of jobs being lost in the UK being matched by jobs gained elsewhere in the EU 27. It is already apparent that the biggest beneficiary of any job losses in the UK will be New York, and some employment will simply stop as the volume of business can no longer be supported by the higher costs.” | “And it is not a question of the number of jobs being lost in the UK being matched by jobs gained elsewhere in the EU 27. It is already apparent that the biggest beneficiary of any job losses in the UK will be New York, and some employment will simply stop as the volume of business can no longer be supported by the higher costs.” |
| Khan also warned 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. | Khan also warned 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 cited figures showing that 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 cited 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 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. |
| The 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”. |