EU to lose millions more jobs than UK if Brexit barriers erected
Some 2.2 million more jobs in the European Union are reliant on trade with the UK than the number of British jobs dependent on exports to the EU, according to an analysis by the Civitas think-tank.
William Dartmouth, trade spokesman for the UK Independence Party, commented, "The facts are now clear – it is wholly in the economic interest of the EU countries, and especially Germany, to come to a sensible arrangement with the UK on Brexit."However, Pat McFadden, a member of the pro-EU Open Britain campaign, said that the report also showed the large number of UK jobs that would be at risk if trade barriers were erected."Even Leave campaigners admit that if our trade relationship with Europe becomes more distant, with barriers in place, UK jobs would be at risk. These figures also underline how much is at stake for the UK economy in the forthcoming negotiation," he said."As the prime minister has heard from big employers telling her they rely on the UK's full access to the single market, she will realise how high the stakes are for the UK economy. Falling back on to World Trade Organization rules or a weak free trade agreement would provide inferior access than we currently enjoy, damaging the UK economy." Meanwhile, data released by the Institute for Public Policy Research (IPPR) on Friday showed that vacancies in England's financial sector fell by more than 10 per cent in the two months following the referendum. London was worst affected over fears that the sector would lose its passporting rights to trade freely throughout the EU in the wake of the Brexit vote. Clare McNeil, IPPR associate director, said, "This new data shows the immediate impact that the vote to leave the European Union appears to be having on the finance sector. As one of our largest sectors, the financial sector is vital to the wider wellbeing of our economy."The prime minister needs to end doubts around whether the government will pursue access to the single market and passporting rights as high priorities in the Brexit negotiations."
For more news and features about the EU referendum, see our Brexit section.
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