Published: Fri, January 12, 2018
Money | By Armando Alvarado

London mayor accused of relaunching 'Project Fear' with taxpayer-funded Brexit report

London mayor accused of relaunching 'Project Fear' with taxpayer-funded Brexit report

As Britain gears to leave the EU in March 2019, London Mayor Sadiq Khan had commissioned a set of economic studies to find what would happen if the country leaves with no deal on the single market, customs union or transition arrangements?

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. "It is clear that a no-deal, hard Brexit without a transitional deal will place all this under threat".

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

Nearly 500,000 million British jobs could be lost if Theresa May walks away from the European Union without a deal, Sadiq Khan said today.

The Labour mayor was a strong supporter of the Remain campaign and has since vigorously argued for the United Kingdom to stay in the EU's single market and customs union, or for London to be granted its own deal, especially on maintaining rules on banking and financial services.

Ben Gardiner from Cambridge Econometrics said: "Our analysis is particularly valuable to local leaders because it indicates the potential impact on employment and output of Brexit under a range of scenarios, which is necessary given the uncertainty surrounding the final outcome of negotiations".

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Mr Khan is warning that with just 10 months to go, time is running out.

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.

"The analysis concludes that the harder the Brexit we end up with, the bigger the potential impact on jobs, growth and living standards".

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 London mayor published new research saying that a "no deal hard Brexit" could mean 87,000 fewer jobs in the capital alone as well as delivering a £50bn hit to the British economy. It said financial and professional services would be the "worst affected key sector", with 119,000 fewer jobs nationally.

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