Wednesday, 26 September, 2018

Report warns London could see 'lost decade' of employment with hard Brexit

UK could lose half a million jobs & nearly £50 billion in investment by 2030 in the event of a no-deal Brexit UK could lose half a million jobs & nearly £50 billion in investment by 2030 in the event of a no-deal Brexit
Laurie Berry | 12 January, 2018, 22:37

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

The impact assessments could infuriate the Government, which has insisted such information could undermine negotiations.

A report commissioned by the mayor's office and carried out by independent researchers at Cambridge Econometrics claims that should Britain leave the European Union without a deal in place, London stands to lose 6,000 creative industries jobs by 2030, with the country as a whole facing the loss of 27,000 creative jobs. "A "no deal" hard Brexit is still a very real risk - the worst possible scenarios". It has both refused to release such information and also suggested that such analysis does not exist.

It also assesses the impact of a "hard Brexit" in the event that Davis' negotiations in Brussels fail to end with a transitional deal. He said the "complete lack of preparation" is "irresponsible", "astonishing" and that the Tories were putting party politics ahead of the national interest.

Khan said he had commissioned and published the "Preparing for Brexit" report "because the British people and our businesses have a right to know the likely impact on their lives and personal finances".

The study, carried out by Cambridge Econometrics, said economic output across Britain could be around 3 percent lower by 2030 than if the United Kingdom were to remain within the single market and customs union - which allows the free movement of goods, people, capital and services between the member states.

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The capital's financial sector would be hardest hit with up to 29,000 jobs lost by 2030.

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.

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

A study commissioned by London Mayor Sadiq Khan shows that nearly half a million jobs are under threat if Britain fails to strike a deal on future relations with the European Union before it leaves the bloc. Across the creative and cultural industries as a whole, there would be 27,000 fewer jobs.

Both the London mayor and Cambridge Econometrics admit that this analysis is not a precise forecast of what will happen.

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