Brexit could cost 500000 United Kingdom jobs

Sadiq Khan Flys The Flag For The EU

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.

The most optimistic Brexit scenario outlined, of a two-year transition period leading to single market membership without the customs union would still lead to a loss of 176,000 jobs and £20.2 billion in investment.

The study said that in a no-deal scenario, the industry that fares the worst would be financial and professional services, with as many as 119,000 fewer jobs nationwide.

Khan said: "This independent analysis reveals the potential economic risks, and human costs, at stake in the negotiations".

He added: "The analysis concludes that the harder the Brexit we end up with, the bigger the potential impact on jobs, growth and living standards".

Speaking on BBC Radio 4's Today programme, Khan said: "It's astonishing that the government has failed to do any proper impact assessments on what Brexit could mean for our economy. A "no deal" hard Brexit is still a very real risk - the worst possible scenarios".

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As part of the study, five scenarios were examined, from the United Kingdom remaining in the single market and customs union, to leaving both, failing to get a free trade agreement or a transition period, and invoking World Trade Organisation rules.

The Mayor of London was grilled because of the openly anti-Brexit views he has expressed in the past. Ministers are fast running out of time to turn the negotiations around.

Khan also blasted the Government for failing to conduct any sort of impact assessment.

Khan said: "I've released these impact assessments because the British people and our businesses have a right to know the likely impact on their lives and personal finances".

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. There would be 11,000 fewer jobs in science and technology, 5,000 fewer jobs in construction and 6,000 fewer jobs across London's creative sector.

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

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