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| Brexit: 'No-deal' could cost UK economy £50bn, independent economic analysis commissioned by Sadiq Khan shows | Brexit: 'No-deal' could cost UK economy £50bn, independent economic analysis commissioned by Sadiq Khan shows |
| (about 4 hours later) | |
| A 'no-deal' Brexit could cost the UK economy £50 billion, according to independent economic analysis commissioned by Mayor of London Sadiq Khan. | A 'no-deal' Brexit could cost the UK economy £50 billion, according to independent economic analysis commissioned by Mayor of London Sadiq Khan. |
| The report models five possible scenarios for leaving the EU, warning the worst option could be a "lost decade" for the British economy. | The report models five possible scenarios for leaving the EU, warning the worst option could be a "lost decade" for the British economy. |
| “There is no sector not negatively impacted,” Mr Khan told BBC Radio 4’s Today programme. | “There is no sector not negatively impacted,” Mr Khan told BBC Radio 4’s Today programme. |
| The analysis by Cambridge Econometrics predicted a no-deal agreement could also cost up to half a million jobs, with as many as 87,000 disappearing from London alone. | The analysis by Cambridge Econometrics predicted a no-deal agreement could also cost up to half a million jobs, with as many as 87,000 disappearing from London alone. |
| Even with a two-year transition period, moving on to World Trade Organisation rules could mean as many as 470,000 fewer jobs, the report says. | Even with a two-year transition period, moving on to World Trade Organisation rules could mean as many as 470,000 fewer jobs, the report says. |
| Mr Khan said: "This independent analysis reveals the potential economic risks - and human costs - at stake in the negotiations. | Mr Khan said: "This independent analysis reveals the potential economic risks - and human costs - at stake in the negotiations. |
| "If the Government continue to mishandle the negotiations we could be heading for a lost decade of lower growth and lower employment. | "If the Government continue to mishandle the negotiations we could be heading for a lost decade of lower growth and lower employment. |
| "The analysis concludes that the harder the Brexit we end up with, the bigger the potential impact on jobs, growth and living standards. | "The analysis concludes that the harder the Brexit we end up with, the bigger the potential impact on jobs, growth and living standards. |
| "Ministers are fast running out of time to turn the negotiations around. | "Ministers are fast running out of time to turn the negotiations around. |
| "A 'no-deal' hard Brexit is still a very real risk - the worst possible scenario. | "A 'no-deal' hard Brexit is still a very real risk - the worst possible scenario. |
| "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. | "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. |
| "This new analysis shows why the Government should now change its approach and negotiate a deal that enables us to remain in both the single market and the customs union. | "This new analysis shows why the Government should now change its approach and negotiate a deal that enables us to remain in both the single market and the customs union. |
| "It's astonishing that the Government has failed to do any proper impact assessments on what Brexit could mean for our economy. | "It's astonishing that the Government has failed to do any proper impact assessments on what Brexit could mean for our economy. |
| "Their complete lack of preparation is irresponsible, leading to fears that they are putting party politics ahead of the national interest." | "Their complete lack of preparation is irresponsible, leading to fears that they are putting party politics ahead of the national interest." |
| Conservative London Assembly member Gareth Bacon accused Mr Khan, a "well-known Remainer" and "advocate of Project Fear", of a "continuation of his widely-publicised anti-Brexit views". | |
| “This is hardly a surprise, particularly given that most of the authors of this 'independent' report are already on record as vehemently opposing Brexit," he said. | |
| “The fact is, the economic collapse that Remainers like Sadiq Khan predicted would happen immediately after the referendum, has not occurred. | |
| “The government and the European Union are engaged in long and complicated negotiations and, until the outcome is known, this is merely scaremongering and speculation.” | |
| Additional reporting by PA | Additional reporting by PA |