London Mayor Sadiq Khan warned on Thursday that a no-deal Brexit could negatively impact the United Kingdom's future and jeopardize the economic progress made in the city since he came to office
MOSCOW (Pakistan Point News / Sputnik - 28th February, 2019) London Mayor Sadiq Khan warned on Thursday that a no-deal Brexit could negatively impact the United Kingdom's future and jeopardize the economic progress made in the city since he came to office."Over the last two and a half years a number of key indicators show that the capital continues to make progress ... which in turn attracts investment from both inside the UK and around the world. But a bad deal or no deal Brexit poses a serious threat to that progress," the mayor said in a press release.
Khan noted that if the United Kingdom wanted to protect jobs and growth in the nation, it needed to negotiate an exit deal that would retain the country's participation in Europe's customs union. Leaving the European Single Market could damage London and the United Kingdom for "decades to come," he said.
In 2018, the mayor published a detailed analysis of the potential impact on London and the United Kingdom of various Brexit scenarios. In a no-deal situation, meaning the United Kingdom and Europe would not have any binding agreements concerning various trade regulations, the report predicted that investment in the country would decrease by over 15 percent and around 87,000 people would lose employment by 2030.
On March 29, the United Kingdom is due to leave the European Union, exactly two years after it officially initiated the withdrawal process. However, the process of negotiating the terms on which the United Kingdom will transition out of the bloc has been stalled due to the UK parliament's refusal to endorse the deal because of a controversial provision on the Irish border backstop, which would create a "hard border" between Ireland and Northern Ireland.
