Brexit results in £140 bn loss to UK's economy: Report

The economy of London has also seen a £30 billion shrinkage after Brexit. The average British citizen was nearly £2,000 worse off in 2023, while Londoners faced an even more pronounced impact, being nearly £3,400 worse off last year as a direct consequence of Brexit, as per the report.

Brexit has resulted in nearly two million fewer jobs across the UK, with London alone accounting for almost 300,000 of these job losses.

London’s mayor Sadiq Khan said at the Mansion House government dinner that the UK “urgently needs to build a closer relationship with the EU” to help arrest the decline, as per the official website of the mayor of London.

The report's projections are alarming, forecasting that the economic damage will escalate if no measures are taken. By 2035, the UK's economy could see an additional reduction of over £300 billion, while London's economy alone could lose more than £60 billion in value.

“Rather than dodging and ducking this issue, it’s incumbent on all of us to have an honest and mature discussion about the best way forward. It’s now obvious that Brexit isn’t working. The hard-line version of Brexit we’ve ended up with is dragging our economy down and pushing up the cost of living,” said Khan.

ALCHEMPro News Desk (DP)