Questions to the Mayor of London – answered at on 17 January 2020.
Has Brexit uncertainty since 2016 affected the cost of living for Londoners?
Yes. The Brexit referendum result weakened the pound and the ensuing uncertainty weakened the economy; contributing to higher import costs and inflation. This leaves everyone worse off.
Conversely, rents and house price growth have been easing, offsetting the costs of Brexit for some Londoners.
The Government now has 11 months to agree a trade deal with the EU. As government has ruled out either extending this 11-month transition period or continued single market and customs union membership, Londoners face the prospect of no or a very poor free trade agreement on 31 December 2020. This would further damage London’s economy and push vulnerable Londoners into poverty.
I will continue to fight for a deal that retains the closest alignment with the EU and protects the rights of European Londoners, as that is in the best interests of London’s economy and people.