Up to 1,700 jobs in Bexley under threat from 'no deal' hard Brexit
PUBLISHED: 16:50 01 February 2018
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Figures published today by the Mayor of London, Sadiq Khan, reveal the full impact that a 'no deal' hard Brexit would have on Bexley, with 1,700 jobs potentially under threat.
New data predicts that if the UK leaves the European Union in March 2019 with no deal on the Single Market, Customs Union or transition arrangements, there will be 105,000 jobs in Bexley in 2030.
However, if the UK was to remain in the Single Market and Customs Union, there would be 106,700 jobs in the borough.
The findings formed part of an analysis of the potential impact of five different Brexit scenarios on London and the whole of the UK, commissioned by the Mayor last year from leading economic analysts Cambridge Econometrics.
Mr Khan published the report last month, which revealed that in London alone, there could be as many as 87,000 fewer jobs by 2030, and the capital’s economic output could be two per cent lower in a ‘no deal’ hard Brexit scenario.
Today, the Mayor has published a borough by borough breakdown of the impact on employment.
Speaking about the impact that a ‘no deal’ hard Brexit would have in Bexley, the Sadiq Khan said: “Bexley residents and businesses will be shocked to learn of the huge economic risks – and human costs – at stake in the Brexit negotiations.
“It is up to the Government to secure a Brexit deal that protects Bexley from a decade of lower growth and fewer jobs.
“This 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.”
The research showed 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.
Ben Gardiner, Director, Cambridge Econometrics, said: “Our analysis is particularly valuable to local leaders because it indicates the potential impact on employment and output of Brexit under a range of scenarios, which is necessary given the uncertainty surrounding the final outcome of negotiations.”