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London mayor Sadiq Khan will declare “Brexit isn’t working” as he unveils new research suggesting the UK economy is £140bn smaller than it would have been if Britain had remained inside the EU at a keynote speech at Mansion House on Thursday.
Independent analysis from Cambridge Econometrics, commissioned by City Hall, suggests the output of the national economy is six per cent smaller than it would have been if the UK had remained in the EU customs union and single market. The consultancy’s estimate that overall British economic output was a £140bn lower than if Britain had remained inside the EU — £2.2tn compared to £2.34tn — was based on economic modelling of a “counterfactual UK” that had not voted to leave the bloc. It also calculated the UK has 1.8mn fewer jobs — a drop of 4.8 per cent — than it would otherwise have had....
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