Researchers at the LSE have released a report claiming that Islington will be one of the areas worst hit by Brexit. By their ratings Islington ranks as likely to be the 10th most impacted area.
The work by Swati Dhingra, Stephen Machin and Henry Overman broke down the likely impact of Brexit by local authority. Their work modelled the consequences on trade and the ensuing economic effects. They modelled both the impact of a Hard and Soft Brexit.
Their work suggested financial industries and manufacturing would be particularly negatively impacted by Brexit. As a borough with a lot of workers and businesses involved in finance Islington risks being particularly hit.
Under soft Brexit Islington Gross Value added would decline by 1.3%. Under a Hard Brexit that figure would more than double to 2.8%.
Benali Hamdache, who was Green Party candidate for Islington South & Finsbury, said “Islington is an international borough; it’s no surprise that Brexit would hit our area economically. This Conservative government is ploughing ahead with a destructive Brexit, deaf to the results of the most recent election result.
“Labour too is struggling to find a clear position. It’s time we accept there is no “Good Brexit” and that voters deserve a final say on any deal negotiated. Government can’t have a blank cheque to negotiate a bad deal.”
