London Mayor Says Hard Brexit Will Have no Winners

The number one priority for the U.K. government regarding the Brexit negotiations is to come up with a plan that benefits everyone, Mayor of London Sadiq Khan has told CNBC.

“The problem with a ‘hard Brexit’ is there aren’t any winners. A ‘hard Brexit’ is no good for London and the U.K., and is no good for the EU,” Khan told CNBC’s Tania Bryer.

“What’s really important is access to a single market. What’s really important is the ability to carry on attracting talent. What’s really important is a relation to financial jobs with passport financial services.”

A so-called “hard Brexit” would be where the U.K. loses access to the EU’s single market and defaults back to World Trade Organization rules. In a “soft Brexit” scenario, the U.K. would retain some form of membership to the single market.

Speaking at the annual switching on of Oxford Street’s Christmas lights, Khan — who is a member of the U.K.’s opposition Labour party —said during these negotiations it was important for the U.K. capital to also have “a seat around the table.”

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza