Britain’s departure from the European Union has reduced the size of its economy by $178 billion according to London mayor Sadiq Khan.
The estimated shortfall constitutes 6% of the economy, and is expected to reach 10% by 2035.
Mr. Khan, a member of the opposition Labour Party, which voted against Brexit in a 2016 referendum, based his statement on a report he commissioned from economic consultants Cambridge Econometrics, who estimated how fast the economy would have grown if Britain had voted to stay in the EU.
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The Labour Party has a big lead over Prime Minister Rishi Sunak’s Conservatives before an election, which Sunak intends to call in the second half of this year.
Cambridge Econometrics’ estimate of the costs of Brexit is higher than some other recent ones. Britain’s National Institute of Economic and Social Research (NIESR) estimated in November that Brexit had reduced the size of the economy by 2%-3%, with the impact expected to rise to 5%-6% by 2035.