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.
The German automobile industry is expected to bear a loss of up to $4.6 billion in the Brexit year, mainly because of the close interdependence of the suppliers with carmakers in Germany, Britain and other European Union countries, stated the report named "hard Brexit and supply chain".
As part of the study, five scenarios were examined, from the United Kingdom remaining in the single market and customs union, to leaving both, failing to get a free trade agreement or a transition period, and invoking World Trade Organisation rules.
"The results show that Brexit will not only reduce the size of the United Kingdom economy, compared to what may have happened if the United Kingdom remained in the single market and customs union, but also put it on a slower long-term growth trajectory".
The report compares four possible post-Brexit scenarios to the option of maintaining the status quo - already ruled out by the British government - of staying in the European single market and customs union.
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A total of 109 stocks registered a fresh 52-week high in trade today, while two stocks touched a new 52-week low on the NSE. The BSE Midcap index was 0.61 per cent down at 18,056, while Sensex was 0.22 per cent down at 34,427 around 12.35 pm (IST).
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Scenario two envisages the United Kingdom remaining part of the single market, but not the customs union, while scenario three has it in the customs union but not the single market.
"It is not expected to be affected as much as the United Kingdom, in terms of GVA and productivity".
Mayor Sadiq Khan said Britain could lose nearly 500,000 jobs if it failed to agree a trade deal with the European Union.