Brexit already damaging London’s economy, research shows

Brexit has already damaged London’s economy, a think tank has warned.

Research by the independent think tank Centre for London found that since the Brexit vote: job creation in the capital has slowed, fewer Europeans are looking for work and confidence amongst businesses has fallen.

Mayor of London, Sadiq Khan, told the Standard: “The British people chose to leave the European Union, but they did not vote for fewer jobs, less investment and a slowdown in economic growth. That is why I teamed up with Centre for London, businesses, academics and politicians in the capital, to make the case for a positive deal for London.

“The General Election has clearly moved the goalposts in negotiating a deal with Brussels and that’s why a deal that puts jobs-first, with continued membership of the single market, is the only deal that will serve the best interests of our great city.

“It is crucial the government delivers a flexible system to attract the talent London needs to ensure it remains the best city in the world to do business.”

Centre for London director Ben Rogers said: “London has shown remarkable resilience in the years following the recession. But its growth has not been painless. Levels of inequality have soared. Congestion, pollution and the housing shortage have all worsened.

“While no-one knows how Brexit will play out, this new analysis suggests that London’s economy is beginning to wobble. It also highlights the need to tackle London’s critical challenges to ensure it is in the best possible position to deal with Brexit.”