iw
London Mayor Sadiq Khan, aligned with the opposition Labour Party, has raised concerns over the United Kingdom’s 6% economic reduction resulting from its exit from the European Union, equivalent to an annual cost of £140 billion ($178 billion) to date. The figures were cited from a report commissioned by Khan from economic consultants Cambridge Econometrics.
The report projects a potential 10% economic shortfall by 2035, estimating the growth pace the UK would have experienced if it had opted to remain in the EU. Khan, in remarks released ahead of a scheduled speech on Thursday, emphasized the adverse impact of the current Brexit approach on the economy and the rising cost of living.
“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,” Reuters quoted Khan as stating. The Labour Party, holding a substantial lead over Prime Minister Rishi Sunak’s Conservatives in the lead-up to an upcoming election later this year, uses these economic concerns as a key talking point.
Despite the party’s advantage, Labour Party leader Keir Starmer remains cautious in revealing specific plans on how he would strengthen relations with the EU, reflecting the complexity and sensitivity of post-Brexit discussions.
