Brexit Has Cost UK $178 Billion So Far, Says Report

London Mayor Sadiq Khan cites study predicting shortfall to reach 10% by 2035, with London's economy 7.5% smaller than if the UK had remained in the EU.

• Brexit has reduced the size of the UK's economy by 6% so far, costing 140 billion pounds ($178 billion), with the shortfall projected to reach 10% by 2035, according to a report commissioned by London Mayor Sadiq Khan.
• The report, conducted by Cambridge Econometrics, also predicts that Brexit will lower annual economic growth in Britain by 0.4 percentage points between now and 2035, lower employment levels by 3 million by 2035, and reduce investment by a third.
• London's economy is £30 billion smaller – about 7.5% – than its projected size if the UK had remained in the EU, and the average Londoner was nearly £3,400 worse off last year due to Brexit.
• The report's findings are higher than some other recent estimates, such as those from Britain's National Institute of Economic and Social Research (NIESR) and Bank of England policymaker Jonathan Haskel.
• Assessing the implications of Brexit has been complicated by the COVID-19 pandemic and changes in immigration patterns following the introduction of a new system of work visas.

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