Britain's exit from the European Union will cost more than $178 billion

According to Khan, Britain's divorce from the societal bloc did not succeed, a situation that slowed the economy and raised the cost of living.

The London Mayor's statements are based on a report prepared by economic consulting firm Cambridge Econometrics, which estimated how quickly the British economy would grow if it chose to remain in the societal bloc.

Cambridge Econometrics' forecasts regarding the costs of Britain's exit from the European Union are higher than other recent forecasts, as its estimates indicate that divorce will reduce annual British economic growth by about 0.4 percentage points until 2035, and three million will become unemployed, and Investment by one third.

Meanwhile, the National Institute of Economic and Social Research predicted in November that Brexit would cause the economy to contract by between 2.0 and 3.0%, and between 5.0 and 6.0% in 2035.

Another different view was that of Bank of England policymaker Jonathan Haskell, who estimated in 2023 that Brexit had hurt business investment enough to reduce GDP by 1.3% by the end of 2022, which is equivalent to £1,000. Annually for each family.

OMR/TD

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