Sadiq Khan: Brexit could cost Britain's creative industries 27000 jobs

Sadiq Khan: Brexit could cost Britain's creative industries 27000 jobs

According to the analysis, commissioned by the Mayor of London, Sadiq Khan, a no deal hard Brexit could lead to a lost decade - or even longer - of significantly lower growth, with the country potentially having 500,000 fewer jobs in the worst-case scenario and almost £50bn less investment by 2030 than would otherwise have been the case.

Khan urged Prime Minister Theresa May to ensure Britain avoids this outcome by negotiating "a deal that enables us to remain in both the single market and the customs union".

The study, commissioned from analysts Cambridge Econometrics by Khan, considered the impact of five different Brexit scenarios on London and the nation.

Among the sectors covered in the study by the Cambridge Econometrics research cabinet, financial services would be hardest hit by a no-deal pullout, standing to lose about 119,000 jobs, followed by Science and Technology (-92,000) and Construction (-43,000).

In London, where the majority of the British music industry is based, 87,000 jobs could be lost 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.

A study commissioned by London Mayor Sadiq Khan shows that nearly half a million jobs are under threat if Britain fails to strike a deal on future relations with the European Union before it leaves the bloc.

Fears of an abrupt British exit from the bloc have grown as Prime Minister Theresa May struggles to make progress in talks with Brussels about a transition deal and the shape of a future trading relationship
Sadiq Khan: Brexit could cost Britain's creative industries 27000 jobs

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

"We want to maintain an open agreement with the European Union". Ministers are fast running out of time to turn the negotiations around. "A 'no deal" hard Brexit is still a very real risk - the worst possible scenarios'.

According to the BBC, Tories on the London Assembly, an elected body which scrutinizes the mayor, said: "Sadiq Khan, a well-known Remainer and advocate of Project Fear, has simply produced a continuation of his widely publicized anti-Brexit views".

The analysis, which was carried out by Cambridge Econometrics, claims that investment into the United Kingdom could fall by as much as £50bn.

Jasmine Whitbread, chief executive of business group, London First, said, "The economy is stuck between a rock and a hard Brexit".

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