GLA report flags hospitality as an area of labour shortage concern

London Mayor Sadiq Khan

But even a softer Brexit and remaining in the Single Market but leaving the Customs Union could cost thousands of jobs. The paper is a response to the government's failure to produce its assessment on how Brexit would impact the economy.

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". Ministers are fast running out of time to turn the negotiations around. It has both refused to release such information and also suggested that such analysis does not exist.

Mayor Sadiq Khan said Britain could lose nearly 500,000 jobs if it failed to agree a trade deal with the European Union. He said the "complete lack of preparation" is "irresponsible", "astonishing" and that the Tories were putting party politics ahead of the national interest.

Commenting on the report, Mr Khan said: "I've released these impact assessments because the British people and our businesses have a right to know the likely impact on their lives and personal finances".

As Britain gears to leave the EU in March 2019, London Mayor Sadiq Khan had commissioned a set of economic studies to find what would happen if the country leaves with no deal on the single market, customs union or transition arrangements?

Financial and professional services would be the hardest hit sector with around 120,000 job losses, but the creative, cultural and music industry would also potentially suffer from a so-called "hard Brexit" (where the United Kingdom leaves both the EU single market and customs union), the report claims.

"In order to make sure we protect ourselves against the most damaging effects of Brexit in the South West, we must stay in the Single Market and the Customs Union".

David Davis
Image David Davis has said the Government has not done impact studies

The calculations are in line with assessments done before the referendum by the International Monetary Fund and the National institute of Economic and Social Research.

However, the recession predicted during the referendum has not yet materialised.

And the answer is half a million fewer jobs and almost £50bn less investment by 2030. Financial services jobs new to the market in December fell to 3,150 from 4,980 in December 2016, it said.

There could be 92,000 fewer jobs in science and technology, and 43,000 fewer jobs in construction.

Experts from Cambridge Econometrics considered five scenarios of how the UK's future relationship will look.

They argue the report "highlights the scale of the comparative risks associated with each scenario and potential outcome from the negotiations".

Related News:

  • Hazard says he'll 'never' leave Chelsea

    Hazard says he'll 'never' leave Chelsea

    The recently turned 27-year-old was heavily linked towards a move to Real Madrid with the winger's father confirming the same. 'Yes, ' Hazard told Mirror Football when asked directly whether he plans to sign a new long-term deal with the champions.
    MoneyGram to test cryptocurrency Ripple

    MoneyGram to test cryptocurrency Ripple

    Ripple's blockchain technology and digital currency XRP could move money far faster, the companies said in a statement Thursday. Others have added crypto related words to their names, with promises of getting into the technology.
    CoinMarketCap Excludes Korean Exchanges From Its Data, Shows Crypto Prices Falling Significantly

    CoinMarketCap Excludes Korean Exchanges From Its Data, Shows Crypto Prices Falling Significantly

    His remarks sent bitcoin prices plunging 18 per cent on South Korean exchange Bithumb, while ethereum slumped 23 per cent. South Korea is causing some big ugly waves in the world of cryptocurrency that is impacting Bitcoin , Etherrum, and XRP .
  • Uber Reportedly Had System to Stymie Police Raids

    Uber Reportedly Had System to Stymie Police Raids

    The company also said its policy is to cooperate with all valid searches and requests for data. She then suggested some sort of app that could counter those raids, and thus Ripley was born.
    Camila Cabello Reacts to Fifth Harmony's MTV VMAs Jab

    Camila Cabello Reacts to Fifth Harmony's MTV VMAs Jab

    Her 2017 single, "Havana", hit No. 2 on the Billboard charts, and her debut album, Camila , drops on January 12. As for solo plans, Cabello added, she actually wanted to remain a Harmony member while exploring solo work.
    Kirby Star Allies Gets Nintendo Switch Release Date

    Kirby Star Allies Gets Nintendo Switch Release Date

    Four players can jump into the game together and unleash torrents of pain on enemies with new Friend Abilities as well. Action-RPG Ys VIII: Lacrimosa of Dana features rhythmic battles, large monsters, anime cutscenes, and base-building.
  • Barcelona unveil Brazil midfielder, Coutinho at Nou Camp

    Barcelona unveil Brazil midfielder, Coutinho at Nou Camp

    Barcelona began the hunt for Coutinho, who spent five years on Merseyside, after his countryman, Neymar, moved to PSG last season. For sure, I gave everything I could. "I am very happy, it's a dream come true and I hope to be up to the job on the field".
    Strong winter storm blasting South with ice, snow

    Strong winter storm blasting South with ice, snow

    Parts of Florida got a dose of winter weather on Wednesday morning when Mother Nature brought snow and ice to the Sunshine State. Much of the state is under a weather alert, from freeze warnings and wind chill advisory to a winter storm warning.
    Tesco is festive victor  reporting record Christmas sales

    Tesco is festive victor reporting record Christmas sales

    The biggest fallers in the main index were retailers Marks & Spencer and Tesco . It said "ongoing under-performance" in its food arm saw sales fall 0.4%.
  • Tom Brady on a mission as Patriots face Titans

    Chris Hogan and Kyle Van Noy were removed from the injury report issued after practice, meaning they are good to go for Saturday. Henry teamed with quarterback Marcus Mariota to pile up a franchise-record 202 yards rushing for a postseason game.
    Wahlberg Earned 1500 Times More Than Williams For Doing The Same Work

    Wahlberg Earned 1500 Times More Than Williams For Doing The Same Work

    In December, Scott told USA Today that he was able to keep costs down for the re-shoot because "everyone did it for nothing". Ironically, both Michelle and Mark are represented by officials from the same talent agency, William Morris Endeavor.
    4 draft-eligible Alabama players make their futures known

    4 draft-eligible Alabama players make their futures known

    Another standout, running back Damien Harris , will forgo the draft and come back for his senior season, according to the website. Payne was a key run-stopper in the middle and also had an interception and touchdown catch in the semifinal win over Clemson.


Most liked

Le'Veon Bell unsure about Steelers future
Bell held out at the start of training camp this season because he was unhappy about having to play under the franchise tag. In speaking to ESPN , Bell said, "I hope it doesn't come to that, but I would definitely consider it".

Tunisian protesters call for release of detained protesters
The protests draw on anger over price and tax increases included in this year's budget that took effect on 1 January. The protests began peacefully last week, but escalated on Monday evening.

Canada says outbreak over
Currently, no common supplier, distributor, or retailer of leafy greens has been identified as a possible source of the outbreak. Romaine lettuce is mostly eaten raw and washing it or any produce tainted with E. coli will not remove the harmful bacteria.

Where can a student draw inspiration from?
Travel the right way If you have a few hours of rest, it’s better to have a walk than to sit in front of TV or your phone. Plan your actions the right way If you feel no desire to do anything, it’s time to plan your day or even the whole week.