‘No deal’ Brexit could cost 1.2M EU jobs

The European Union could lose 1.2 million jobs if Britain leaves the bloc without a deal, Belgium’s economy minister said.

BRUSSELS — The European Union could lose 1.2 million jobs if Britain leaves the bloc without a deal, Belgium’s economy minister said on Friday, warning that his own country would suffer a “catastrophic” impact.

Kris Peeters made the comments amid growing fears that the slow pace of Brexit negotiations means Britain will withdraw in March 2019 without agreement on future trade arrangements and customs.

“The potential impact for our country could well be catastrophic,” he said in a statement, adding that without a deal “Britain would no longer be part of a customs union”.

“According to our calculations, the customs fees for imports from the United Kingdom and exports to the UK would reach a total of €2.22 billion ($2.62 billion),” he said. “Under this scenario, Belgium would lose 42,000 jobs, Britain 526,000 and the EU as a whole not less than 1.2 million.”

In Belgium, a no-deal Brexit would have “grave consequences” for the Port of Zeebrugge, on the North Sea.

“Traffic to the UK represents 45 per cent of business at the port, 5,000 jobs and an economic value of €500 million [$590 million],” Peeters said, adding that a million new cars are shipped via Zeebrugge to Britain each year. —