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

UK could lose half a million jobs & nearly £50 billion in investment by 2030 in the event of a no-deal Brexit

Nevertheless, the "independent" studies returned to the familiar themes of a jobs massacre and an enormous hit to growth in the event of a full, clean Brexit, with the economy losing some £54 billion by 2030, and some 500,000 jobs at risk.

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

Britain could lose 482,000 jobs by 2030 if the country crashes out of the European Union, according to research by Cambridge Econometrics.

Britain could lose nearly 500,000 jobs and 50 billion pounds ($67.41 billion) investment over the next 12 years if it fails to agree a trade deal with the European Union, according a report commissioned by London Mayor Sadiq Khan.

Conservatives in the London Assembly have accused the mayor of "scaremongering", saying the Brexit analysis published by Khan this morning was authored by economists who are opposed to Brexit.

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Even a softer scenario where Britain remains in the EU's single market, but leaves the customs union once the transition period is over, could result in 176,000 redundancies and a loss of £20 billion ($26.9 billion) in investments.

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".

"This new analysis shows why the Government should now change its approach and negotiate a deal that enables us to remain in both the EU Single Market and the EU Customs Union".

Comparatively, maintaining the status quo would see migration falling from 232,000 in 2020 to 220,000 a decade later.



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