European Union deal a marginal cost to UK, Sadiq Khan's analysis finds

EU flag and Union flag outside Parliament

It also found that under all scenarios London and the rest of the United Kingdom would keep growing, but more slowly than if the country had stayed in the EU.

According to an economic forecast he commissioned from Cambridge Econometrics, as many as 87,000 jobs would go in London alone.

The study said that in a no-deal scenario, the industry that fares the worst will be financial and professional services, with as many as 119,000 fewer jobs nationwide.

The German automobile industry is expected to bear a loss of up to $4.6 billion in the Brexit year, mainly because of the close interdependence of the suppliers with carmakers in Germany, Britain and other European Union countries, stated the report named "hard Brexit and supply chain".

As part of the study, five scenarios were examined, from the United Kingdom remaining in the single market and customs union, to leaving both, failing to get a free trade agreement or a transition period, and invoking World Trade Organisation rules.

"The results show that Brexit will not only reduce the size of the United Kingdom economy, compared to what may have happened if the United Kingdom remained in the single market and customs union, but also put it on a slower long-term growth trajectory".

The report compares four possible post-Brexit scenarios to the option of maintaining the status quo - already ruled out by the British government - of staying in the European single market and customs union.

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Scenario two envisages the United Kingdom remaining part of the single market, but not the customs union, while scenario three has it in the customs union but not the single market.

"It is not expected to be affected as much as the United Kingdom, in terms of GVA and productivity".

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 walking away from Europe without a deal would lead to a "lost decade of lower growth".

"The Prime Minister gave an overview of the UK's position and updated on Brexit negotiations -- including the UK's aim to agree an implementation period by the end of March", he added.

London's future as Europe's premier financial hub is one of the biggest issues in Brexit talks because the sector is Britain's biggest source of corporate tax revenue.