Norfolk MP warns government over impact of 'hard Brexit'


Many banks, insurers and other financial firms are enacting contingency plans to shift parts of their European operations to the continent because they are likely to lose the right to sell their products freely within the bloc from London.

In London alone, there could be 87,000 fewer jobs and the capital's economic output coud be 2 per cemt lower by 2030 than predicted under the status quo, it was warned.

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.

A new report published today by Cambridge Econometrics on behalf of the Mayor of London has revealed that a hard Brexit would increase inequality between London and the rest of the UK.

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".

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

Khan says the analysis shows "the harder the Brexit we end up with, the bigger the potential impact on jobs, growth and living standards".

But even a softer Brexit and remaining in the Single Market but leaving the Customs Union could cost thousands of jobs. Ministers are fast running out of time to turn the negotiations around. "It is clear that a no-deal, hard Brexit without a transitional deal will place all this under threat".

"The report shows that a destructive hard Brexit could do much worse economic damage in regions like the East of England than in London", he said.

He added that he was releasing the documents because British people and businesses deserve to know how Brexit will impact their lives and finances.

The analysis claims that if the United Kingdom leaves the single market and customs union in 2019, with no transitional deal in place, London's overall output would be £10.9 billion lower by 2030, with 87,000 fewer jobs. There would be 11,000 fewer jobs in science and technology, 5,000 fewer jobs in construction and 6,000 fewer jobs across London's creative sector.

The EU has already proposed that clearing of euro-denominated derivatives, done mainly in London, could move to the eurozone without a comprehensive Brexit deal.


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