Newspaper article The Evening Standard (London, England)

London Has Nothing to Fear from Brexit, Says Boris Study

Newspaper article The Evening Standard (London, England)

London Has Nothing to Fear from Brexit, Says Boris Study

Article excerpt

Byline: PippaCrerar City Hall Editor

BORIS JOHNSON'S economic case for Brexit was published today in a major report insisting that London has nothing to fear from leaving the European Union.

The 300-page study by the Mayor's economic adviser concluded that the capital would remain Europe's economic powerhouse whether the UK was inside the EU or out.

It argued that London's future financial success instead depended on "playing to its economic strengths" to adapt to the new global economy. It also said the capital had to ensure it was equipped to challenge new economic forces such as China and India which pose both a threat and an opportunity.

"London: The Global Powerhouse", authored by Dr Gerard Lyons, admitted leaving would be an "economic shock" for the capital that would "depress" activity. But he added: "These forecasts also indicate there is uncertainty associated both in leaving the EU and staying in it." It comes after Mr Johnson dismissed as "baloney" David Cameron's insistence that the PM is pursuing "project fact" by laying out the dangers of a Brexit.

On a visit to Northern Ireland last night, the Mayor hit out at the "project fear" tactics being used by the Remain campaign. He said: "There is an attempt going on to scare people into staying with the status quo, when I think the real risk is we will simply remain in a system that is less and less suitable to our needs." The Mayor's report backed up his argument that leaving the EU would be better in economic terms than staying in an unreformed EU.

However, it suggested that staying in the EU if it was reformed would be the best outcome for the capital.

It predicted that London's economy would grow in real terms from PS350 billion to PS640 billion over 24 years in the "brave new world" scenario of a reformed EU. But it described Mr Johnson's preferred scenario of being outside, but on good terms with the EU and globally focused, as "second best" as it would see the capital's economy grow to just PS615 billion. …

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