Published On: Thu, Oct 3rd, 2019

Brexit latest: EU pledges millions for expected unemployment | World | News

EU ambassadors have today announced that they will provide additional assistance to workers and the self-employed who are at risk of losing their jobs of the UK leaving the EU. The bloc has said that funds from the EU Globalisation Adjustment Fund will be made available to those people affected in the remaining 27 EU countries. Funds will be used to help job seekers and to pay for retraining.

The EU has earmarked up to 150 million euros a year which is part of the current EU financial framework.

Finish Employment Minister Timo Harakka said: “These measures ensure that anyone who loses their job due to a hard Brexit will not be left alone.”

According to a study commissioned by the Belgian government and carried out by Leuven University, if the UK were to leave the EU without an agreement, 1.2 million jobs across the Continent would be lost.

The study claims that Ireland would lose 50,663 jobs and there would be a combined job lose in Belgium and the Netherlands of 115,590 jobs.

The study revealed the food and drink sector would be among the worst hit with 112,00 job losses.

Boris Johnson has said he will take the UK out of EU at the end of October, deal or no deal.

READ MOREHungarian Minister exposes EU’s Brexit fear – ‘Stop diminishing it’

According to figures released by data provider IHS Markit, the Purchasing Manager’s Index for France registered its lowest level in four months.

Business activity has slumped in France and the manufacturing sector has ground to a halt due to Brexit.

Chris Williamson, IHS Markit’s chief economist, revealed that business managers expressed fears that Brexit and global trade tensions were to blame for the slump.

He added: “If the manufacturing sector, which is currently in its most severe recession since 2012, continues to weaken, there will also be concern about the spread of this unease to the rest of the economy”.

The fund was set up in 2006 to support the workers who lost their jobs as a party of globalisation-related major structural changes.

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