News

£140 billion Brexit hit to economy warrants urgent action

New report by Cambridge Econometrics reveals that the UK economy is almost £140 billion smaller because of Brexit.

The new independent analysis, commissioned by City Hall, also revealed that the average Briton was nearly £2,000 worse off in 2023, while the average Londoner was nearly £3,400 worse, as a result of Brexit.

Tonight, the Mayor of London, Sadiq Khan, will use a speech at Mansion House to discuss the report and warn that the UK “urgently needs to build a closer relationship with the EU” to help arrest the decline.

Naomi Smith, Chief Executive of Best for Britain said,

“This devastating figure represents lost jobs, lower living standards and underfunded public services. 

“The country can’t wait any longer. Our polling shows that people know Brexit is hitting them in the pocket, that they want an early election and they want Starmer to pursue closer ties with the EU if he wins it.”