• 13/07/2024 15:45

Brexit has already cost Britain more than 160 billion euros – Mayor of London

The UK's exit from the European Union has already led to a reduction in the size of its economy by 6%, which amounts to 140 billion pounds sterling (more than 162 billion euros). This was stated by the Mayor of London Sadiq Khan, European Pravda reports with a link to the Financial Times.

Brexit has already cost Britain more than 160 billion euros — Mayor of London

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The head of the capital of the United Kingdom presented a study according to which the UK economy has become 162 billion euros smaller, than if the country had remained in the EU.

An independent analysis commissioned by Cambridge Econometrics shows that the national economy is 6% smaller than it would have been had London remained in the EU's customs union and single market.

The consultancy's assessment is based on economic modeling if the country had not voted to leave.

It was also estimated that the UK had 1.8 million fewer jobs (a drop of 4.8%) than it would have otherwise .

“It is now clear that Brexit is not working. The hard Brexit we have received is dragging down our economy and raising the cost of living,” Khan said in a statement released ahead of a speech he is due to give later on Thursday.

In his speech, the Mayor of London will support a more frank debate about the downsides of leaving the EU and the potential benefits of returning to the single market.

His position is uncomfortable for Labor leader Keir Starmer, who previously opposed Brexit but has now vowed to make leaving the EU work.< /p>

Starmer has ruled out joining the single market or customs union within the EU, but insists Britain can negotiate a “much better” deal for itself by following EU standards on the environment, labor and food.

The study claims that economic damage will continue if Britain remains outside the single market, and real gross value added (GVA) will be around £311 billion (10.1%) lower by 2035. what it would be otherwise.

minfin.com.ua

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