Greg Clark: No-Deal Brexit Would Destroy 'Thousands' of Jobs

THE GUARDIAN: Business secretary’s warning comes as peers back bid to stop new PM proroguing Commons

A no-deal Brexit would lead to the loss of “many thousands” of jobs, the business secretary has warned.

Greg Clark urged Tory MPs to “strain every sinew to avoid“ crashing out of the EU under the next prime minister, with leadership rivals Boris Johnson and Jeremy Hunt both saying they would be prepared to leave the bloc on 31 October without a deal.

They face a battle to force through their commitments, however, as MPs and peers launch tactical bids to block any attempt to prorogue parliament in order to force through a no-deal Brexit.

Clark told Sky News on Friday that the disruption of a no-deal departure would lead to job losses. “It’s evident that if you have the disruption that comes from a no-deal Brexit there will be people that will lose their jobs. It’s many thousands of jobs. Everyone knows that.” » | Seth Jacobson and agencies | Friday, July 12, 2019

'Thousands More' City Banking Jobs Could Go

THE DAILY TELEGRAPH: The wave of City redundancies has prompted finance professionals to warn that several thousand investment banking industry jobs could be lost in the coming months.

BNP Paribas, Merrill Lynch and Nomura became the latest major banks to announce job cuts on Wednesday as falling revenues forced them to follow several rivals and shed staff.

"This is the beginning of a major structural shift and I think you will see a lot more cuts in the New Year," said Stéphane Rambosson, a former City banker and managing partner of executive search firm Veni Partners.

BNP Paribas said it would cut about 1,400 jobs in its investment banking division, which employs several thousand staff in London, while Bank of America Merrill Lynch (BoAML) has begun cutting broking employees, with about 15pc of roles at risk, according to two sources. » | Harry Wilson, and Anna White | Thursday, November 17, 2011

BAE Systems Poised to Announce 3,000 Job Cuts
THE DAILY TELEGRAPH: BAE Systems, the defence giant, is expected to announce around 3,000 job cuts today, ending days of speculation about the scale of redundancies.

The move comes in the wake of the Government’s defence cuts and is understood to have been prompted by flagging sales of the Eurofighter jet.

The job losses are expected to be mainly at sites in its military aircraft division in Warton and Samlesbury in Lancashire, and Brough, East Yorkshire.

Union leaders said defence cuts had been a “hammer blow” to the defence industry but expressed fury that workers at the firm have been kept waiting for confirmation of the job losses.

Paul McCarthy, regional officer of the GMB, said it was a "disgrace" that workers heard via a leak to the media over the weekend that thousands of job losses were imminent.

"We are going to ask the company to launch a formal investigation to establish who leaked this information."

There is speculation that 900 jobs will be cut at Brough, 820 at Warton and 560 at Samlesbury, with hundreds more at smaller BAE sites. » | Murray Wardrop | Tuesday, September 27, 2011