No deal hard Brexit could cost Britain 500000 jobs, warns Sadiq Khan

No deal hard Brexit could cost Britain 500000 jobs, warns Sadiq Khan

Andrew Cummings
January 12, 2018

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.

In December, Brexit Minister David Davis had admitted to parliamentarians that his services did not have any sector-by-sector impact study on the withdrawal from the EU.

The analysis from Cambridge Econometrics said the worst case scenario - leaving the European Union in March 2019 with no deal or arrangements in place - would result in 482,000 fewer jobs, including 87,000 lost in London, and a loss of £46.8bn in investment by 2030.

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".

"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". Our dedicated coverage of Labour's policies and personalities, internal debates, selections and elections relies on donations from our readers.

"This is hardly a surprise, particularly given that most of the authors of this "independent" report are already on record as vehemently opposing Brexit".

"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", said the London mayor.

It also notes that while post-Brexit restrictions on immigration could reduce the number of overseas workers available to employers: "London residents who were unemployed or inactive may be employed following migration restrictions because there is less competition for jobs".

The UK economy should expect a £54 billion hit by 2030 due to Brexit, according to the initial set of taxpayer-funded assessments.

In December, a deal protecting the rights of European Union citizens living in the United Kingdom post-Brexit was agreed with the European Union, but the future is less certain when it comes to temporary workers or touring musicians. Ministers are fast running out of time to turn the negotiations around.

Cambridge Econometrics, an economics consultancy, looked at five different Brexit scenarios, from the hardest to the softest form of Brexit, and broke down the economic impact on nine industries, from construction to finance.

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