London Mayor Sadiq Khan revealed that the UK economy has suffered a significant setback due to Brexit, estimating a loss of nearly £140 billion ($178.7 billion), equivalent to six percent. Khan emphasized the impact of Brexit on London's economy, citing a report by Cambridge Econometrics commissioned by City Hall, which also indicated a loss exceeding £30 billion.
Addressing the City of London on Thursday, Khan underscored that Brexit is not a peripheral concern to be left in the past but a crucial factor contributing to the current cost-of-living crisis. The economic repercussions include missed opportunities, lost business, and reduced income at a time when individuals and companies are facing financial challenges.
According to the report, the average British citizen experienced a decrease of nearly £2,000 in 2023, while Londoners were approximately £3,400 worse off last year as a consequence of Brexit.
Furthermore, the economic downturn is predicted to intensify, with the report forecasting that if no action is taken, over £300 billion will be erased from the UK economy by 2035. The figures highlight the ongoing and future challenges posed by Brexit, impacting both the national and regional economic landscapes.
(With Agency Inputs)
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