UK could lose 500,000 jobs if we leave EU with no-deal

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UK could lose 500,00 jobs if we leave EU with no-deal

If the UK was to leave the European Union (EU) with no-deal there could be 500,000 job losses, the highest amount, compared to the rest of the EU countries that could see 1.2 million job losses across the continent.

This research was commissioned by the Belgian Government and carried out by Leuven University located in Belgium.

Germany could lose nearly 300,000 job losses (291,930), with France seeing 141,320 losses and Italy losing 139,140. Ireland could loose 50,330 jobs, which would place it among the most badly hit countries when comparing this figure to its working population.

Still, the UK could lose £2,758 per capita income where as Germany would only lose £91 and southern Spain, £46.

Even if a Brexit deal is reached, job losses can still occur. With research stating that Belgium could see 10,000 jobs disappear if the UK leaves the EU with a similar deal to the current one that Norway holds.

The food and drink sector would be badly hit in this scenario with 112,000 job losses while the textile industry could see 130,000 job losses, being most damaging to Belgium and Italy.

Other EU countries job losses:

  • Poland – 122,950
  • Netherlands – 73,200
  • Spain – 70,410
  • Slovakia – 47,310
  • Romania – 43,340
  • Portugal – 29,720
  • Sweden – 19,970
  • Bulgaria – 17,890
  • Finland – 9,080

 

Researchers also took in to account World Trade Organisation (WTO) tariffs for goods in to consideration whilst compiling data.

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