A NO-deal Brexit on October 31 would cause the loss of 1.2 million jobs across Europe, including 70,410 in Spain, according to a newly-released study by Belgium’s Leuven University.
The impact study, commissioned by the Belgian government, showed that the UK leaving the EU without an agreement would cause major job losses in every country in Europe.
France would lose 141,320 jobs, while Germany would suffer a massive 291,930 redundancies, the study said.
But the country expected to suffer the most is the UK, where more than 500,000 jobs would be lost.
The study looked at both the total number and the percentage of jobs that would be lost in each country.
Ireland would be one of the worst-hit countries percentage wise, standing to lose 50,330 jobs. Belgium too would lose a higher percentage of jobs, with 42,390 redundancies expected in a no-deal scenario.
The study also looked at the potential impact if the UK left with an agreement. In that case, the number of jobs lost across Europe would be smaller but still significant.
Spain was one of the EU nations least affected by Brexit but was still expected to face 15,840 job losses even if Britain leaves the EU with an agreement.
The study took into account how supply chains across the EU and globally would be disrupted, as well as the countries’ direct trade links with the UK.
To calculate the impact, researchers defined ‘leaving with an agreement’ as a situation where the UK leaves the EU but remains part of the internal market or the European Customs Union.
For the projected no-deal scenario, researchers assumed the UK would leave the single market and fall back on the rules of the World Trade Organisation.
Meanwhile, a separate data set published in the Financial Times this week showed how personal finances would be hit across Europe under a no-deal scenario, with the UK again worst hit.
It showed that southern Spain is expected to escape the effects, but those in the north and centre of the country can expect to be around 50 euros worse off annually on average.
If this is the case, isn’t it time the EU masters stopped trying, yet again, to dictate to Britain and talk sensibly about a solution to the objections of the deal that Britain (and N. Ireland, a EU member) rejects.
It will cost Britain MILLIONS of jobs.
It shows you the kind of imbeciles british politicians are.
They create the problem and want the EU solves it.
No Pablo, just meet us halfway.
Offer a deal that works for both sides.
The Spanish Prime Minister Pedro Sanchez is trying to solve things but Brussels needs to Punish the UK to deter others leaving and if this damages Spain Brussels thinks it’s worth it.
It’s called democracy. The people voted to leave the EU. We must leave, no matter what the cost is.
It will be for the good in the long run. The EU is wasteful, currupt and undemocratic.
Why would a British resident in Spain vote for Brexit? In the past two years, British pensioners have lost 30% of income because of the collapse of the pound and there is now a risk the NHS will have to foot the bill for their medical costs.
It makes no sense, people do stuff without thinking and then stick to their guns, no matter what. There is something of the night about this movement.
I am British and resident in Spain. I voted to leave and would do so again tomorrow.
If there was a referendum here, I’d vote for Spain to leave too
Spot on celso. The mind-set of leavers is marked by a stubborn refusal to admit they are wrong. It is typified by the bonkers comment here – “we must leave no matter what the cost is” The referendum the coward Cameron instigated was only ever advisory, it had no legal standing, yet the Maybot scurried off with her little biro and signed away Britain’s future without any proper discussion or planning. It subsequently caused utter chaos and complete paralysis of the political system.
No-one, (except maybe a few money-manipulators) will gain from this insanity, we will ALL be worse off, as some already are, due to the pound dropping like a stone and trade grinding to a halt. To top it off, Britain now is “lead” by a gurning buffoon, determined to crash out at all costs, believing it will gain the Tories an election win, close on the heels of a hard Brexit.
In the words of Private Frazer (dad’s army) We’re all doomed!