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

View of Big Ben from the Westminster Bridge in London.
Sylvain Sonnet  Getty Images

The study said that in a no-deal scenario, the industry that fares the worst will be financial and professional services, with as many as 119,000 fewer jobs nationwide.

London Mayor Sadiq Khan, who commissioned the report, said if the government continued to "mishandle" negotiations, Britain could be heading for a "lost decade of lower growth and lower employment".

A new report published today by Cambridge Econometrics on behalf of the Mayor of London has revealed that a hard Brexit would increase inequality between London and the rest of the UK.

In London alone, there could be 87,000 fewer jobs and the capital's economic output coud be 2 per cemt lower by 2030 than predicted under the status quo, it was warned.

The assessment, carried out by Cambridge Econometrics, says economic output across the United Kingdom could be on average between 3 per cent lower by 2030 than it would if Britain were to remain within the single market and customs union.

British Prime Minister Theresa May met financiers from firms including Goldman Sachs on Thursday to discuss the impact of Brexit on Europe's financial capital, as London's mayor said Britain could face a "lost decade" of low growth and investment. Ministers are fast running out of time to turn the negotiations around.

"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 added that he was releasing the documents because British people and businesses deserve to know how Brexit will impact their lives and finances.

A "worst-case scenario" - with no transition, no membership of either the single market of customs union and no preferential trade agreement - predicts 6,507,000 in 2030.

On top of this, he claimed London could struggle to retain a talented workforce in the art and entertainment sectors, and its creative institutions could stand to lose millions of pounds of European Union funding from streams such as Creative Europe, that would be hard to replace with government money.

"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", he crowed, proposing a so-called "Soft Brexit".

Around 10,000 finance jobs will be shifted out of Britain or created overseas in the next few years if the country is denied access to Europe's single market, according to a Reuters survey of firms employing the bulk of workers in global finance.

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