Financial sector is priority for United Kingdom in Brexit negotiations

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London Mayor Sadiq Khan, who campaigned against Brexit, commissioned the study and said the findings show "the potential economic risks - and human costs - at stake in the negotiations" in Brussels.

The study said that in a no-deal scenario, the industry that fares the worst would be financial and professional services, with as many as 119,000 fewer jobs nationwide.

The jobs which are at risk are contained from suppliers to carmakers, which is a problem in case Britain's negotiations with the European Union about their future prospects together collapse without a deal. They will go on whinging and whining and moaning all the way through this process.

On Tuesday, European Commission chief Brexit negotiator Michel Barnier reinforced his hardline stance on banking, after previously warning it will form no part of the trade agreement and saying "passports" for the United Kingdom finance industry will end. "Anyone sticking it out into 2018 is in it for the long haul", said Hakan Enver, operations director at Morgan McKinley Financial Services.

The main difference between passporting and equivalence is that one is a right, while the other a privilege.

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"If everyone just points the finger at the other side and says, "You have to make an offer to me, you have to tell me what you want", then I ask myself: what makes us so sure that 24 months of transition period will be enough?"

Barnier's latest remarks suggest that, with passporting seemingly off the table, even securing a version of regulatory "equivalence", or a formal recognition by the European Union that the U.K.'s rules and oversight of specific businesses are sufficiently tough, may be fraught with difficulty.

A Downing Street spokesman told reporters the government's position was "unchanged": that we would consider making financial contributions for "specific policies and programmes where that is in our joint interest", such as scientific projects. Last year, the bankers complained that they had not been heard by May's government in preparation for leaving the EU.

"We can achieve arrangements and agreements with the European Union, and I am confident that we will be able to achieve a good deal".

This is the most significant that has been recorded in three years.