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
"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.
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