London Mayor says half million jobs at risk if there's a no-deal hard Brexit

LONDON, Jan.11 (Xinhua) -- Almost 500,000 British jobs will be under threat from a "no deal" hard Brexit, a report commissioned by London Mayor Sadiq Khan revealed Thursday.

The study found London's economy will suffer less from Britain leaving the European Union than the rest of the country, widening inequality, but it would still mean 87,000 few jobs in the capital.

The independent economic analysis also shows that Brexit could lead to a lost decade of lower employment and economic growth. A worst-case no-deal Brexit scenario could mean 87,000 fewer jobs in London alone by 2030.

According to analysis commissioned by Khan, a no deal hard Brexit could lead to a lost decade -- or even longer -- of significantly lower growth, with Britain potentially having 500,000 fewer jobs in the worst-case scenario and around 68 billion U.S. dollars less investment by 2030 than would otherwise have been the case.

"In London alone, there could be as many as 87,000 fewer jobs and the capital's economic output could be two percent lower by 2030 than predicted under the status quo," said the study.

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 last year from leading economic analysts Cambridge Econometrics.

The independent research shows that every Brexit outcome analysed would be bad for the British economy, but that the harder the Brexit, the more severe the economic damage could be.

Khan said: "This independent analysis reveals the potential economic risks, and human costs, at stake in the negotiations. It should help guide the government to the best outcome for London and the UK. 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. 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.

"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."

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. 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. Enditem