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No-deal Brexit threatens London's prosperity, mayor warns
Last Updated: 2019-03-01 07:20 | Xinhua
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A no-deal Brexit will threaten London's economic progress, the capital's mayor Sadiq Khan warned on Thursday.

"London remains the UK's economic powerhouse and one of the world's most dynamic cities, and whatever happens with Britain's departure from the European Union, that will always be the case," Khan said while speaking at the inaugural London Business Awards.

The mayor said London has fared well over the last two and a half years, with a growing economy, more jobs, higher employment and rising pay.

For financial services, London attracted 55 inbound foreign direct investment (FDI) projects in 2017 alone, more than double the number of Dublin, Paris, Frankfurt and New York.

"But a bad deal or no-deal Brexit poses a serious threat to that progress ... If we want to protect jobs and growth, any deal struck needs to include membership of the Customs Union and Single Market," Khan said.

He also believes that even if a Customs Union arrangement is agreed as part of a Brexit deal, Britain's national competitiveness will be permanently damaged without Britain remaining part of the Single Market.

Last year, the mayor published detailed analysis on the impact of five potential Brexit scenarios on London and the whole of the UK, commissioned from leading economic analysts Cambridge Econometrics.

Among its findings, the analysis said there could be as many as 87,000 fewer jobs in London alone by 2030.

There is still no clear outcome for Brexit with Brexit day due on March 29.

Earlier the week, British Prime Minister Theresa May promised that the members of parliament would be offered a vote on whether they support a no-deal Brexit if her deal is rejected in a meaningful vote in mid-March.

If the parliament rejects the no-deal option, another vote will be held on whether to delay Brexit.

(Editor:王苏)

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No-deal Brexit threatens London's prosperity, mayor warns
Source:Xinhua | 2019-03-01 07:20
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