Sadiq Khan has threatened to declare independence for London in Brexit negotations if the city is unable to maintain free movement of labour Dinendra Haria/AlamyThe head of the government’s economic watchdog put the “cost of Brexit” at roughly £12 billion a year as the Mayor of London demanded special treatment for London if the capital is unable to retain free movement of Labour. Robert Chote, chairman of the Office for Budget Responsibility, said the best way of thinking about the hole in the public finances caused by the vote to leave the European Union was as an annual hit of about 0.5 per cent of GDP rather than the £58.7 billion that made headlines at last week’s autumn statement. Pressed for a number by Rachel Reeves, a Labour member of the Treasury select committee, Mr Chote suggested £12 billion as a “rough estimate”. Mr Chote was appearing before MPs…

Source: The Times December 01, 2016 00:07 UTC