'No deal' Brexit could cost Britain about 500000 jobs, says London mayor

'No deal' Brexit could cost Britain about 500000 jobs, says London mayor

Brexit could cost the United Kingdom almost 500,000 jobs in a worst-case scenario, according to a study published Thursday which was commissioned by the mayor of London.

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.

Brexit was the main reason for a 37 percent drop in new jobs available in London's financial sector last month, according to a report from recruiting firm Morgan McKinley. A worst-case no-deal Brexit scenario could mean 87,000 fewer jobs in London alone by 2030.

While the analysis says London's economic output could be as much as 2% lower than predicted under the status quo, it also suggests this would be below a national fall of between 3 per cent and 3.3 per cent lower.

Brexit could see a £54bn hit to the economy by 2030, depending on the type of deal struck in the next year, according to the first set of taxpayer-funded impact assessments.

He said "mishandling" the talks with Brussels could lead to a "lost decade" of opportunities and growth for the British economy.

Transition arrangements, trade and security will be on the agenda of Brexit negotiations later this year before Britain leaves the bloc in March 2019.

Khan told media: "This independent analysis should help guide the Government to the best outcome for London and the UK". He wants Ministers to abandon their hard Brexit approach and instead to push for continued British membership of the single market and customs union.

"What I have sought to do is to provide a sober analysis - not my analysis but the analysis of experts - about the potential outcomes based on each scenario".

He added that he was releasing the documents because British people and businesses deserve to know how Brexit will impact their lives and finances.

A stand-off between Britain and the European Union over future access to the single market for London's 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. "Leaving the European Union will come at a cost and, with many businesses about to make decisions about where they will invest and grow, it's time the government stopped its ministerial reshuffling and internal politicking and instead set out a coherent plan for continued market access and tariff free trade with Europe".

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