Hard Brexit could cost UK economy £54bn

Study commissioned by Mayor of London Sadiq Khan

The UK could suffer a £54bn hit to its economy by 2030 in the event of a "hard Brexit" scenario, the first set of taxpayer-funded impact assessments have revealed.

Research carried out by Cambridge Econometrics suggests by 2030 economic output across the UK could be about 3% lower on average if the UK were to leave both the single market and customs union, with London's economy shrinking by 2%, Sky News reports. Scenarios assessed range from leaving the single market, leaving the customs union, leaving both together and failing to get a transition deal, described by the study as "hard Brexit". Brexit blog: Industry reaction as investors gear up for negotiations outcome The analysis said 500,000 jobs will be under threat by 2030 in the event o...