Brexit has cost the British economy £140 billion, according to the Mayor of London

Photo: Xinhua/Li Ying

LONDON, Jan. 11 (Xinhua) -- The UK economy is suffering from a deficit of nearly 140 billion pounds (about 178.7 billion U.S. dollars), equivalent to a reduction of 6 % than what it would have recorded without Brexit, London Mayor Sadiq Khan said Thursday. Leaving the European Union (EU) also cost London's economy more than 30 billion pounds, Khan said in a speech in the City of London, referring to a report commissioned by the mayor's office from Cambridge Econometrics.

"Brexit is simply not a secondary issue that we can leave behind. It is a key contributing factor to the current cost of living crisis, and has led to a loss of opportunity, business and income at a time when individuals and businesses can least afford it," Khan said, according to an official statement.

As a result, the average Briton would lose almost £2,000 of income by 2023, while the average Londoner would lose almost £3,400 as a result of Brexit, the report said.

The report adds that the economic damage will only deepen, pointing out that if no action is taken, more than £300 billion will disappear from the British economy by 2035.

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