Crashing out the European Union 'will cost London 90000 jobs'

Brexit banking jobs London

It plotted five outcomes from Brexit, ranging from a status-quo scenario to a no-deal, no transition scenario, under which London would lose 87,000 jobs and £10bn in gross added value by 2030.

"This independent analysis of Brexit reveals the potential economic risks - and human costs - at stake in the negotiations", Khan said, following the publication of the data.

The research released Thursday warns of a "lost decade" of significantly lower economic growth resulting in 482,000 fewer jobs and 50 billion pounds ($67 billion) of lost investment by 2030 if the worst-case scenario becomes a reality.

The findings are in an analysis of the potential impact of five different Brexit scenarios on London and the whole of Britain, commissioned by the mayor a year ago from leading economic analysts Cambridge Econometrics.

Financial and professional services would be the hardest hit sector with around 120,000 job losses, but the creative, cultural and music industry would also potentially suffer from a so-called "hard Brexit" (where the United Kingdom leaves both the EU single market and customs union), the report claims.

It should help guide the government to the best outcome for London and the UK.

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Khan says the analysis shows "the harder the Brexit we end up with, the bigger the potential impact on jobs, growth and living standards".

The report, which models five possible scenarios for leaving the European Union ranging from a near-status quo situation to leaving on World Trade Organisation terms without any transition agreement, warns that the worst option could be a "lost decade" of economic slump.

But Mr Khan rebuked the claim, saying he merely wanted to have an overview of what British industries should expect once Britain leaves the European Union.

The scenarios examined include leaving the EU single market, leaving the customs union, or failing to secure a transition deal by March 2019, described as a "hard Brexit" in the study.

There could be 92,000 fewer jobs in science and technology, and 43,000 fewer jobs in construction.

Brexit was the main reason for a 37pc drop in new jobs available in London's financial sector last month, according to a separate report from recruiting firm Morgan McKinley. While the forward-looking Cambridge study is dealing in potentialities, recruiters on the ground in London question Morgan McKinley's historic figures for December: when it comes to front office recruitment, at least, they say they're far busier than they were a year ago.

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