Politicians must stand up for Britain’s post-Brexit future
It is almost two years since the United Kingdom voted to leave the European Union.
Since the referendum, it is fair to say that the government’s Brexit strategy has been characterised by confusion, indecision, and political infighting – and that’s to put it mildly.
With the clock ticking ahead of our scheduled exit in March, we are now approaching an absolutely crucial period if we are to protect London and the UK’s prosperity – and avoid a Brexit scenario that costs jobs, harms investment, and does long-lasting damage to our whole country.
The EU withdrawal bill will come back to the House of Commons next week with a series of amendments from the House of Lords that would undoubtedly deliver a better deal for Britain than the extreme hard Brexit being recklessly pursued by this government.
This is one of those rare occasions where MPs face a vote that will define their reputation in the history books for decades to come – so I am calling on them to put party politics aside and act in the best interests on the entire country.
In fact, I would argue that the last vote of this magnitude was on the Iraq war, when MPs from across party divides had the courage of their conviction to vote against the war, regardless of the political consequences.
I campaigned passionately against Brexit. Obviously, the public voted another way, and we must honour that, so now my job is to press for the best deal for London’s economy and people, which is one that keeps us part of Europe’s Single Market and some kind of customs union.
According to expert independent economic analysis that I published earlier this year from Cambridge Econometrics, a no-deal hard Brexit could lead to a lost decade – or even longer – of significantly lower growth.
In the worst-case scenario, the country would potentially have 500,000 fewer jobs, and nearly £50bn less investment by 2030 than would otherwise have been the case.
In London alone, there could be as many as 87,000 fewer jobs, and the capital’s economic output could be two per cent lower by 2030 than predicted under the status quo.
The potential economic risks – and human costs – at stake in the negotiations could not be starker. It should help focus minds and guide the government to the best outcome for London and the UK.
The deal the government strikes with the EU must allow London’s world-leading financial and professional services, tech industries, life sciences, cultural industries, and other business sectors to maintain their current access to European markets and talent.
Given the weakness of Theresa May’s position in her party and the number of hard Brexit MPs whose support she replies upon, I believe that there is a real risk that the UK could crash out of the EU with no deal in place.
The best way to avoid this is for the government to reverse its position and negotiate for the UK to remain in the Single Market with as close a trading relationship as possible.
The UK’s reputation as a world-leading destination for trade, talent, investment and tourism is on the line. Are we an outward-looking country that welcomes people who want to build a life here and contribute to our society, or do we close the door on talent and entrepreneurship?
London is the engine of the British economy, and it is vital that we secure a deal that works for businesses in the capital. When the capital does well, the whole country prospers. When we struggle, so does our country.
Brexit has understandably created a cloud of uncertainty, but I am optimistic about London’s future. London is Europe’s leading global city. Its pre-eminent position as a capital for business, culture, innovation and openness has developed over time and is built upon strong foundations.
Our city will continue to shine as a beacon for all, long after Brexit, if we take steps now to protect it.
The House of Commons must now grasp the nettle and reject the Tories’ shambolic and reckless handling of Brexit in order to preserve our prosperity for the next generation. MPs should be brave and back these amendments.
Now is the time for those in all parties to stand up and be counted so that we can secure the best Brexit deal for the entire country.