A new report published today by Cambridge Econometrics on behalf of the Mayor of London has revealed that a hard Brexit would increase inequality between London and the rest of the UK.
It says that the effects of leaving the Single Market and the Customs Union would be “noticeably more severe for the rest of the UK than for London, which implies that the rest of the UK will be much worse off than London following Brexit.”
Commenting, Ben Bradshaw MP, Labour MP for Exeter and leading supporter of Open Britain, said: “This report published today assessing the impact of Brexit shows just how damaging a destructive hard Brexit will be to the UK economy as a whole, but for us in the South West it could be significantly worse than in London.
“It highlights in detail how the impact of crashing out of the Single Market and the Customs Union will be ‘noticeably more severe’ in the South West and in the rest of the UK outside of London.
“Brexit is going to make regional inequalities a lot worse and could result in even more regional growth being sucked into London. The result could be that our region misses out on investment, good jobs and opportunity.
“In order to make sure we protect ourselves against the most damaging effects of Brexit in the South West, we must stay in the Single Market and the Customs Union. And people have every right to ask whether the costs of Brexit are worth it.”