Brexit’s Brunt on London’s Wallet: Mayor Sadiq Khan Sets the Record Straight
Tonight at Mansion House, Mayor Sadiq Khan is about to drop a truth‑bomb that will blow the curtain off the real cost of Brexit. According to fresh numbers from Cambridge Econometrics (sprung from a City Hall commission), the UK can expect a staggering £140 billion hit to its economy. And if you’re in the capital, it’s even harsher: London’s economy has already taken a bite out of more than £30 billion.
What the Numbers Mean
- Each Briton is looking at an average loss of nearly £2,000 in 2023.
- Londoners alone are down by about £3,400 per person.
- Nearly two million jobs across the UK have vanished because of Brexit.
- In London, that equates to roughly 300,000 fewer jobs.
And the damage isn’t going to stop. The report warns that by 2035, the UK could suffer a £300 billion reduction in GDP if nothing changes. London could lose an extra £60 billion. Talk about a long‑term head ache.
Mayor’s Stand‑Up Speech
At the London Government Dinner, Mayor Khan will call on the city’s leaders to face the Brexit reality head‑on instead of hiding behind vague “no‑crossing” policies.
“It’s time to have an honest and mature conversation about the best way forward,” the mayor will say. “We’ve confirmed that Brexit isn’t working. The hard‑line version of it is dragging our economy down and driving up the cost of living. It’s making food pricier, stressing households, and hurting industry giants like hospitality, construction, and finance.”
Khan will argue that rebuilding a closer relationship with the EU is not just a nicety; it’s a must‑have to keep London—and the UK—thriving. He aligns himself with the Shadow Foreign Secretary, echoing the call for a “closer relationship with the EU” that would super‑charge the economy and lift living standards.
Migrant Workforce: The Real Fix
The mayor will also tackle London’s labour shortage head‑on. He will claim that politicians have too often made “stay‑in‑the‑box” noise, blaming the problem on immigration rather than acknowledging its vital role.
“Immigration isn’t part of the problem, it’s part of the solution. We need both British and foreign‑born workers to support our public services, power our companies, and drive our capital forward,” Khan will argue. He will warn against a “race to the bottom” in rhetoric.
He’s clear: London’s future does not hinge on opening all borders but on an evidence‑based approach that balances opportunity with practicality.
Defending London’s Core Values
Beyond economics, Khan wants to guard the city’s strengths: openness, cooperation, internationalism, respect, and diversity. The mayor will remind everyone that London’s success stems from those values and that “us vs. them” politics should not sap that spirit.
“We have to protect London as an inclusive, outward‑looking city—one that welcomes new opportunities to trade, invest, and attract talent. I promise to keep the promise of opportunity alive for future generations,” the mayor declares.
With this speech, Sadiq Khan sets the stage for a London that’s ready to face the economic fallout of Brexit—and to rise above it.
