The study by Cambridge Econometrics suggested that the capital's economy performs more strongly than other areas of the country in each Brexit scenario.
As many as 14,000 jobs could be lost because the sector is so tightly entwined with the British market, the report added. The conclusion of phase one talks were deemed to have provided reassurance and the business leaders gave their views on how to maximise the benefits of an implementation period.
Mr Hammond also stood firm on demands that financial services were included in any Brexit deal - an idea that has been opposed by chief Brexit negotiator Michel Barnier.
A no-deal Brexit would lead to the introduction of tariffs and a possible crash in the value of the British pound, making British companies less able to purchase imports.
Bihar CM Nitish Kumar's convoy attacked by angry villagers, securitymen injured
In a fit of rage, the villagers chased the cavalcade and hurled bricks and stones at it, damaging many vehicles. The state government had on Friday formed a team to investigate the attack on the Bihar CM's convoy.
Germany and France may feel little pressure to offer a get-out clause for the City of London since emergency planning by London-based banks is already leading to a boom in the financial districts of Paris and Frankfurt. "Leaving the European Union will come at a cost and, with many businesses about to make decisions about where they will invest and grow, it's time the government stopped its ministerial reshuffling and internal politicking and instead set out a coherent plan for continued market access and tariff free trade with Europe".
He told the Commons International Trade Committee that the department was offering countries three options: to cut and paste existing EU FTAs; an agreement to continue on the same basis until a new deal can be reached, and a brand new FTA.
Lord Price said: "Everybody I met said what they wanted to do that - and have the current agreement preserved in April 2019". "The trust we place in each others regulators, in a whole range of areas, has been built up over many years of cooperation and there's no good reason why it should disappear after the United Kingdom leaves the European Union". "We can play that game for 48 months".
New independent assessments of the potential impact of Brexit have revealed the extent of the possible economic risks - and human cost - at stake in the European Union withdrawal negotiations. "We have to show a little of what we're thinking and then we find out a little about what our partners in Europe are thinking".