'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 most optimistic Brexit scenario outlined, of a two-year transition period leading to single market membership without the customs union would still lead to a loss of 176,000 jobs and £20.2 billion in investment.

Meanwhile, London's economic output would likely fall by 2 percent, the report said.

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

Commenting, Ben Bradshaw MP, Labour MP for Exeter and leading supporter of Open Britain, said: "This report published today assessing the impact of Brexit shows just how damaging a destructive hard Brexit will be to the United Kingdom economy as a whole, but for us in the South West it could be significantly worse than in London".

And then came a report from recruitment firm Morgan McKinley claiming that London finance job vacancies fell 37% year-on-year in December, plus a Cambridge study warning that 87,000 fewer jobs will be created in London in the event of a "hard Brexit".

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.

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Discussing the newly published Brexit impact reports he commissioned, Mr Khan said: "I'm not in a state of denial, I accept we are probably leaving the European Union".

The Treasury is believed to have carried out similar calculations, but it is unclear even if the Cabinet sub-committee responsible for overseeing negotiations have been shown them.

Regardless of the Brexit model pursued, the research predicts "London's GVA would still grow at a much faster rate than the UK's total in all scenarios".

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.

The service sector, financial and professional services would be worst affected, shedding almost 120,000 jobs, with 92,000 fewer in science and technology and 43,000 fewer in construction. Across the creative and cultural industries as a whole, there would be 27,000 fewer jobs.

Both the London mayor and Cambridge Econometrics admit that this analysis is not a precise forecast of what will happen.

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