Published: Sat, January 13, 2018
Global Media | By Garry Long

Hard Brexit could cost 43000 construction jobs

Hard Brexit could cost 43000 construction jobs

In London alone, job loss could amount to 87,000, but Britain's capital and financial hub would suffer less than the rest of the country.

London Mayor Sadiq Khan said that Britain would be shunted into a "lost decade" of low investment and shed nearly 500,000 jobs if it fails to agree a trade deal with the European Union.

The findings are in an analysis of the potential impact of five different Brexit scenarios on London and the whole of Britain, commissioned by the mayor previous year from leading economic analysts Cambridge Econometrics.

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", Khan said.

According to the analysis, London's professional and financial services would be the worst hit by a no-deal hard Brexit, with 29,000 fewer jobs by 2030 than if Britain remained in the Single Market and Customs Union.

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

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The study concludes that while every outcome would harm the United Kingdom economy, the harder the Brexit, the more severe the economic damage would be. "It is clear that a no-deal, hard Brexit without a transitional deal will place all this under threat".

"It says that the impact of crashing out of the single market and the customs union could be "noticeably more severe" in the East of England".

A spokesperson for the Department for Exiting the European Union said: "The fact is we are working to secure the best and most ambitious Brexit deal for the whole of the United Kingdom".

"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 also notes that while post-Brexit restrictions on immigration could reduce the number of overseas workers available to employers: "London residents who were unemployed or inactive may be employed following migration restrictions because there is less competition for jobs".

A stand-off between Britain and the European Union over future access to the single market for London's financial services industry is shaping up to be one of the key Brexit battlegrounds before Britain is due to leave the bloc in March 2019.

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