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Sadiq Khan: London will lose 87000 jobs under "no-deal" Brexit

12 January 2018

Khan said it was "astonishing" that Theresa May's government had failed to do any analyses.

The mayor of London Sadiq Khan commissioned a set of economic studies of the impact of different Brexit outcomes on regions and nine key sectors after Brexit Secretary David Davis said the Government had not done such work.

The research released Thursday warns of a "lost decade" of significantly lower economic growth resulting in 482,000 fewer jobs and 50 billion pounds ($67 billion) of lost investment by 2030 if the worst-case scenario becomes a reality.

Wes Streeting, Ilford North MP and leading supporter of Open Britain, said: "Paying for world class public services means we need a healthy and strong economy and not just in London".

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While many MPs and politicians across the political spectrum oppose the move, ministers have committed to leaving the EU's single market and customs union saying that to do otherwise would prevent them from controlling immigration, seen as a major driver of the Leave vote. Our dedicated coverage of Labour's policies and personalities, internal debates, selections and elections relies on donations from our readers.

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

The report concludes that while every Brexit outcome would harm the United Kingdom economy, "the harder the Brexit, the more severe the economic damage could be".

In London alone, job loss could amount to 87,000, but Britain's capital and financial hub would suffer less than the rest of the country.

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On top of this, he claimed London could struggle to retain a talented workforce in the art and entertainment sectors, and its creative institutions could stand to lose millions of pounds of European Union funding from streams such as Creative Europe, that would be hard to replace with government money.

It says a future trade relationship must be agreed between the British government and the European Union by October 27th this year. A "no deal" hard Brexit is still a very real risk - the worst possible scenario.

Sadiq Khan accused the British Government of a "total lack of preparation" on the consequences of Brexit, calling on it to change its negotiation position and agree to keep the country in the single market and customs union. Ministers are fast running out of time to turn the negotiations around.

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Sadiq Khan: London will lose 87000 jobs under