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

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

He continued: "it's in the UK Government's best interests for you to know the consequences of scenarios A, B, C, D or E.The objective is to try and negotiate a deal that's less bad for London, less bad for the country".

Khan warned if the government continues to "mishandle" the current negotiations with the EU, Britain could be heading for a "lost decade of lower growth and lower employment".

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.

The findings are in an analysis of the potential impact of five different Brexit scenarios on London and the whole of Britain, commissioned by the mayor previous year from leading economic analysts Cambridge Econometrics.

In London alone, job loss could amount to 87,000, but Britain's capital and financial hub would suffer less than the rest of the country.

The study sets out five possible scenarios for the United Kingdom and London when leaving the EU customs union and single market.

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




The report compares four possible post-Brexit scenarios to the option of maintaining the status quo - already ruled out by the British government - of staying in the European single market and customs union.

Khan says the analysis shows "the harder the Brexit we end up with, the bigger the potential impact on jobs, growth and living standards".

Over 480,000 jobs could be lost nationwide by the year of 2030 as well as 50 billion pounds ($67 billion) of foreign investment in the event of the so-called hard Brexit, in which no transition period takes place, the newspaper noted.

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

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 is no mention of Northern Ireland, or Ireland, in the study by Cambridge Econometrics.

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.


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