London mayor says Brexit has cost UK over £140b so far

London mayor says Brexit has cost UK over £140b so far
London mayor says Brexit has cost UK over £140b so far

Hello and welcome to the details of London mayor says Brexit has cost UK over £140b so far and now with the details

Nevin Al Sukari - Sana'a - London Mayor Sadiq Khan walks on the day he gives evidence at the Covid-19 Inquiry, in London November 27, 2023. — Reuters pic

LONDON, Jan 11 — Britain’s departure from the European Union has reduced the size of its economy by 6 per cent so far — an annual cost of £140 billion (RM826 billion) — London mayor Sadiq Khan said today, with the shortfall seen reaching 10 per cent by 2035.

Khan, a member of the opposition Labour Party, which voted against Brexit in a 2016 referendum, based his statement on a report he commissioned from economic consultants Cambridge Econometrics, who estimated how fast the economy would have grown if Britain had voted to stay in the EU.

“It’s now obvious that Brexit isn’t working. The hard-line version of Brexit we’ve ended up with is dragging our economy down and pushing up the cost of living,” Khan said in remarks released before a speech he is due to give later today.

Advertisement

Labour has a big lead over Prime Minister Rishi Sunak’s Conservatives before an election, which Sunak intends to call in the second half of this year.

However, Labour Party leader Keir Starmer has been cautious about giving details of how he would strengthen ties with the EU.

Cambridge Econometrics’ estimate of the costs of Brexit is higher than some other recent ones.

Advertisement

Britain’s National Institute of Economic and Social Research (NIESR) estimated in November that Brexit had reduced the size of the economy by 2 per cent-3 per cent, with the impact expected to rise to 5 per cent-6 per cent by 2035.

Jonathan Haskel, a Bank of England policymaker, estimated in a private capacity last year that Brexit had damaged business investment enough to lower GDP by 1.3 per cent by the end of 2022 — equivalent to 1,000 pounds per household per year.

Cambridge Econometrics said Brexit was expected to lower annual economic growth in Britain by 0.4 percentage points between now and 2035, lower employment levels by 3 million by 2035 and reduce investment by a third.

Assessing the implications of Brexit has been complicated by the Covid-19 pandemic just months after Britain formally left the EU in January 2020.

Net migration to Britain has soared, as a new system of work visas led to a big rise in immigration to Britain from outside the EU, outweighing a fall in the number of immigrants from the EU who previously did not need visas. — Reuters

These were the details of the news London mayor says Brexit has cost UK over £140b so far for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Malay Mail and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Israeli forces fired on food convoy in Gaza, UN documents and satellite analysis reveal
NEXT FBI director warns that Chinese hackers are preparing to ‘wreak havoc’ on US critical infrastructure

Author Information

I have been an independent financial adviser for over 11 years in the city and in recent years turned my experience in finance and passion for journalism into a full time role. I perform analysis of Companies and publicize valuable information for shareholder community. Address: 2077 Sharon Lane Mishawaka, IN 46544, USA Phone: (+1) 574-255-1083 Email: [email protected]