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

Sadiq Khan Flys The Flag For The EU

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.

The scenarios assessed range from leaving the single market, the customs union, leaving both together and failing to get a transition deal, described by the study as "hard Brexit". The capital's economic output would be 2 percent lower in 2030 than what would be expected under a "soft Brexit".

It plotted five outcomes from Brexit, ranging from a status-quo scenario to a no-deal, no transition scenario, under which London would lose 87,000 jobs and £10bn in gross added value by 2030.

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

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Khan commissioned the report after the Brexit secretary, David Davis, told MPs he had not, as long believed, ordered central government impact assessments into the potential economic effects of Brexit.

The report, which models five possible scenarios for leaving the European Union ranging from a near-status quo situation to leaving on World Trade Organisation terms without any transition agreement, warns that the worst option could be a "lost decade" of economic slump.

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

"Their complete lack of preparation is irresponsible, leading to fears that they are putting party politics ahead of the national interest".

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These include a "close to status quo" outcome in which the United Kingdom remains part of the single market - which includes freedom of movement - and the customs union.

"I've released these impact assessments because the British people and our businesses have a right to know the likely impact of the various options the government are considering on their lives and personal finances".

However, the recession predicted during the referendum has not yet materialised. While the forward-looking Cambridge study is dealing in potentialities, recruiters on the ground in London question Morgan McKinley's historic figures for December: when it comes to front office recruitment, at least, they say they're far busier than they were a year ago.

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).

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