ibusinesslines.com March 23, 2018

Crashing out the European Union 'will cost London 90000 jobs'

12 January 2018, 10:41 | Kelvin Horton

Sadiq Khan first muslim mayor of London and son of Pakistani immigrants

Sadiq Khan first muslim mayor of London and son of Pakistani immigrants

"This new analysis shows why the Government should now change its approach and negotiate a deal that enables us to remain in both the single market and the customs union".

"The report shows that a destructive hard Brexit could do much worse economic damage in regions like the East of England than in London", he said. A "no deal" hard Brexit is still a very real risk - the worst possible scenario.

It says a "no deal" hard Brexit could lead to a "lost decade or longer" of significantly lower growth.

Referring specifically to the impact on the creative industries, Khan said Britain's reputation as a global creative capital could be threatened.

The impact assessments are likely to infuriate the government, which has insisted such information could undermine negotiations.

While softer Brexit scenarios - such as the United Kingdom remaining in the EU single market but leaving the customs union - could still see 176,000 fewer jobs across the country.

Ben Gardiner from Cambridge Econometrics said: "Our analysis is particularly valuable to local leaders because it indicates the potential impact on employment and output of Brexit under a range of scenarios, which is necessary given the uncertainty surrounding the final outcome of negotiations". He said the "complete lack of preparation" is "irresponsible", "astonishing" and that the Tories were putting party politics ahead of the national interest.

Last month the Government was obliged to release some Brexit sectoral analyses after losing a binding vote in the Commons.

Some Cabinet ministers involved in the Leave campaign are known to dismiss such studies as "Project Fear".

"Brexit and leaving the single market and customs union puts any hope of well-funded schools and hospitals and police on our streets under immediate and serious threat".

The UK would also miss out on £3.3 billion of growth in the same time period if a no-deal Brexit does happen, £1 billion of which would be lost in the capital alone, the report claims.

However, the recession predicted during the referendum has not yet materialised.

Liberal Democrat Mr Lamb spoke out after new research carried out on behalf of the Mayor of London Sadiq Khan warned of thousands of jobs losses if there is a no deal, hard Brexit.

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