'No deal' Brexit could cost Britain about 500,000 jobs, London mayor says

Published: January 11, 2018
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Mayor of London Sadiq Khan. PHOTO: REUTERS

Mayor of London Sadiq Khan. PHOTO: REUTERS

LONDON: 

Britain could lose almost 500,000 jobs and 50 billion pounds investment over the next 12 years if it fails to agree a trade deal with the European Union, according to a report commissioned by London Mayor Sadiq Khan.

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.

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

UK passports changing back to blue after Brexit

“If the Government continue to mishandle the negotiations we could be heading for a lost decade of lower growth and lower employment,” Khan said. “Ministers are fast running out of time to turn the negotiations around.”

Britain and the EU will soon begin the much harder task of defining their future trading relationship, after settling the broad terms of their divorce settlement last month.

A stand-off between Britain and the EU over the future access to single market for London’s vast financial services industry is shaping up to be one of the key Brexit battlegrounds before Britain is due to leave the bloc in March 2019.

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Reader Comments (2)

  • Boris Johnson
    Jan 11, 2018 - 3:23PM

    Only job should be lost is your job Sadiq Khan.Recommend

  • Bunny Rabbit
    Jan 11, 2018 - 7:02PM

    Theres economy in living together. UK should try its best to be in the EU block. Recommend

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