Brexit could result in the loss of nearly half a million jobs and almost £50 billion ($67 billion) in investment by 2030, according to an independent economic report published Thursday.
The analysis — commissioned by Mayor of London Sadiq Khan — models five possible scenarios for Britain's looming departure from the European Union. The scenarios range from a relatively seamless exit to leaving on World Trade Organization (WTO) terms without a transition deal, described by the study as a "hard Brexit."
The study, carried out by Cambridge Econometrics, said economic output across Britain could be around 3 percent lower by 2030 than if the U.K. were to remain within the single market and customs union — which allows the free movement of goods, people, capital and services between the member states.
Meanwhile, London's economic output would likely fall by 2 percent, the report said.