Brexit: 'no deal' would cost United Kingdom 500,00 jobs and £50bn of investment

The report also shows that London could suffer much less from Brexit than the rest of the country - increasing geographic inequalities across the UK.

There is no mention of Northern Ireland, or Ireland, in the study by Cambridge Econometrics.

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

"This is hardly a surprise, particularly given that most of the authors of this "independent" report are already on record as vehemently opposing Brexit", he said.

Chancellor of the Exchequer Philip Hammond, who initially opposed Brexit and has subsequently pushed for a "soft" divorce with the United Kingdom inside the EU's Single Market, appeared to embrace the idea. However, the report failed to factor in the potential benefits of the United Kingdom striking free trade deals with third countries if it left the EU customs union.

The British government on Thursday ruled out paying the European Union to access the single market after leaving the bloc, as Prime Minister Theresa May tried to reassure finance sector players over Brexit.

Wind chills nearly 30 below in Garrett County

The scenario that largely now fits the direction of travel is number four, which envisages a two-year transition period, before leaving the single market and customs union and falling back on WTO rules.

The UK is the largest export market for German vehicle suppliers in Europe, with 18 per cent of auto parts used in British factories coming from Germany - the home of industry giants Bosch, Continental and ZF Friedrichshafen.

It came as a report commissioned by Sadiq Khan, the Mayor of London, suggested that London is likely to be spared the worst effects of Brexit.

He said walking away from Europe without a deal would lead to a "lost decade of lower growth".

The meeting - the first of its kind since Britain and the European Union made progress in divorce talks in December - was held "to discuss the opportunities and challenges for the financial sector posed by Brexit", a Downing Street spokesman said.

In a statement, Khan accused the government of a "complete lack of preparation" in assessing the impact of Brexit, and urged ministers to change their negotiating position and agree to remain in the single market and customs union.

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