A no-deal Brexit would risk 87,000 jobs in Britain’s capital, with professional and financial services likely to be the worst hit, according to a new report published Thursday.
The report commissioned by London Mayor Sadiq Khan says professional and financial services in London would lose 29,000 jobs by 2030, if the U.K. leaves the EU without any sort of agreement, the Evening Standard reported.
London’s mayor warned that due to lower growth and employment, the city could be approaching a “lost decade,” the Evening Standard said. He also told the BBC’s Today program Thursday “no sector” could escape the “negative impact” of a hard Brexit in which Britain would leave the bloc’s customs union and the single market.
The report also said London would have about 11,000 fewer jobs in science and technology as well as 5,000 in construction and 6,000 across London’s creative sector, compared to numbers if the country did not depart from the bloc.
London’s mayor made clear he was not “in a state of denial” and would accept “the verdict of the British public,” but U.K. businesses needed to be aware of the possible “consequences of the actions the government decides to take.”
Across the whole country, a hard Brexit without any sort of transition period could risk about 480,000 jobs by 2030, along with a drop of £50 billion foreign investment, the report found.