No deal hard Brexit could cost Britain 500000 jobs, warns Sadiq Khan

Violet Powell
January 13, 2018

The study found London's economy will suffer less from Britain leaving the European Union than the rest of the country, widening inequality, but it would still mean 87,000 few jobs in the capital.

The UK could lose half a million jobs and almost fifty billion pounds in investment by 2030 in the event of a no-deal Brexit, according to a study commissioned by London Mayor Sadiq Khan.

The report by respected analysts Cambridge Econometrics suggests a "lost decade" for London's economy if ministers fail to secure a good divorce. The hit to London is calculated at 2%.

British Prime Minister Theresa May met financiers from firms including Goldman Sachs on Thursday to discuss the impact of Brexit on Europe's financial capital, as London's mayor said Britain could face a "lost decade" of low growth and investment.

He added: 'The analysis concludes that the harder the Brexit we end up with, the bigger the potential impact on jobs, growth and living standards.

Commenting, Ben Bradshaw MP, Labour MP for Exeter and leading supporter of Open Britain, said: "This report published today assessing the impact of Brexit shows just how damaging a destructive hard Brexit will be to the United Kingdom economy as a whole, but for us in the South West it could be significantly worse than in London".

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Khan said: "I've released these impact assessments because the British people and our businesses have a right to know the likely impact on their lives and personal finances".

The study, commissioned by mayor of London Sadiq Khan, set out to review five possible scenarios for when Britain leaves the EU, ranging from leaving just the single market, leaving just the customs union, as well as both together.

Other scenarios include continued membership of either the customs union or the single market, a transition deal phasing out membership, and a situation in which there is no transition deal, no membership of either the single market or customs union and no preferential trade agreement.

Regardless of the Brexit model pursued, the research predicts "London's GVA would still grow at a much faster rate than the UK's total in all scenarios".

Citing the importance of European Union workers and funding programs to the U.K.'s creative sector, the Federation said it was vital to "ensure our future relationship with the European Union allows the very best talent to work both here and overseas". "It is vital that we recognise the importance, for our exporters, of the single market and the customs union".

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