Britain’s divorce from the European Union is ongoing. And there is still much debate on whether the UK will actually leave the EU, with many experts torn on the matter.
If Brexit is to go through, it’ll be one of the most expensive divorce bills in history.
However, if Britain backs out of the divorce, it will be just as costly as leaving the EU would be.
A study commissioned by London Mayor Sadiq Khan shows that almost half a million jobs are under threat if Britain fails to strike a deal on future relations with the European Union before it leaves the bloc.
The research warns of a ‘lost decade’ of significantly lower economic growth resulting in 482,000 fewer jobs and £50 billion (AU$94 billion) of lost investment by 2030 if the worst-case scenario becomes a reality.
Khan urged Prime Minister Theresa May to ensure Britain avoids this outcome by negotiating ‘a deal that enables us to remain in both the single market and the customs union.’
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 Australian Tribune with AP