'No deal' #Brexit could cost United Kingdom about 500000 jobs, London mayor says

'No deal' #Brexit could cost United Kingdom about 500000 jobs, London mayor says

The study also predicts a no deal Brexit could see the UK's economy output lower by 3% by 2030 - the equivalent of £55bn les s- compared to if the United Kingdom remained within the single market and customs union.

Tej Parikh, senior economist at the Institute of Directors, said: "The assessments largely echo what we already know, namely that London's professional, financial, and creative industries are deeply linked to the EU Single Market".

"If the government continue to mishandle the negotiations we could be heading for a lost decade of lower growth and lower employment", said Khan.

The analysis by Cambridge Econometrics, the first time such an analysis has been undertaken, also warns that as a result of "hard Brexit", London alone could shed as many as 87,000 jobs and see its economic output fall 2 percentage points below what one could hope for under a softer scenario.

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. Khan had commissioned this taxpayer-funded impact assessments after Brexit Secretary David Davis said the government had not done such work.

Last month the Government was obliged to release some Brexit sectoral analyses after losing a binding vote in the Commons.

"There is no sector not negatively impacted", Mr Khan told BBC Radio 4's Today programme.

The firm, which has offices in Brussels, is managed by Philip Summerton, who regularly retweets European Union loyalists such as Chuka Umunna MP and former Remain campaign director Will Straw.

The calculations are in line with assessments done before the referendum by the International Monetary Fund and the National institute of Economic and Social Research.

However, the recession predicted during the referendum has not yet materialised.

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.

There could be 92,000 fewer jobs in science and technology, and 43,000 fewer jobs in construction.

They argue the report "highlights the scale of the comparative risks associated with each scenario and potential outcome from the negotiations".

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