Published: Sat, January 13, 2018
People | By Leon Thompson

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

Sadiq Khan: London will lose 87000 jobs under

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.

London's housing crisis will get worse and nearly 90,000 jobs could disappear if Britain crashes out of the European Union without a deal, according to a new study.

And the answer is half a million fewer jobs and almost £50bn less investment by 2030.

"It says that the impact of crashing out of the single market and the customs union could be "noticeably more severe" in the East of England".

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".

In a statement the Europhile mayor accused the government of a "complete lack of preparation" in assessing the impact of Brexit, urging ministers to change their negotiating position and agree to remain in the single market and customs union.

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Cambridge Econometrics also forecast that the worst-case scenario would lead to the largest drop in immigration, allowing the government to reach its target of under 100,000 arrivals from 2020 onwards but hitting productivity. The paper is a response to the government's failure to produce its assessment on how Brexit would impact the economy.

Mr Khan has repeated his calls for this approach to be rethought, saying: "If the Government continue to mishandle the negotiations we could be heading for a lost decade of lower growth and lower employment".

Mr Khan is warning that with just 10 months to go, time is running out.

The analysis commissioned by Cambridge Econometrics, focused on five possible outcomes after leaving the European Union, ranging from a near status quo scenario to leaving on World Trade Organisation terms without a transition deal.

The analysis, which was carried out by Cambridge Econometrics, claims that investment into the United Kingdom could fall by as much as £50bn.

A spokesperson for the Department for Exiting the European Union said: "The fact is we are working to secure the best and most ambitious Brexit deal for the whole of the United Kingdom".

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