Sadiq Khan: Brexit could cost Britain’s creative industries 27,000 jobs

Sadiq Khan: Brexit could cost Britain’s creative industries 27,000 jobs

London mayor Sadiq Khan has warned that up to 27,000 jobs in the creative industries could be lost if the UK does not reach a deal with the European Union over Brexit.
A report commissioned by the mayor’s office and carried out by independent researchers at Cambridge Econometrics claims that should Britain leave the EU without a deal in place, London stands to lose 6,000 creative industries jobs by 2030, with the country as a whole facing the loss of 27,000 creative jobs.

The UK would also miss out on £3.3 billion of growth in the same time period if a no-deal Brexit does happen, £1 billion of which would be lost in the capital alone, the report claims.

The study sets out five possible scenarios for the UK and London when leaving the EU customs union and single market.

These include a “close to status quo” outcome in which the UK remains part of the single market – which includes freedom of movement – and the customs union.

Other scenarios include continued membership of either the customs union or the single market, a transition deal phasing out membership, and a situation in which there is no transition deal, no membership of either the single market or customs union and no preferential trade agreement.

It is the latter scenario in which jobs and financial growth would be put most at risk, the report says.

The analysis claims that if the UK leaves the single market and customs union in 2019, with no transitional deal in place, London’s overall output would be £10.9 billion lower by 2030, with 87,000 fewer jobs.

Referring specifically to the impact on the creative industries, Khan said Britain’s reputation as a global creative capital could be threatened.

Read more: https://www.thestage.co.uk/news/2018/sadiq-khan-brexit-cost-britains-creative-industries-27000-jobs/