People in Tower Hamlets have been telling me about how Brexit is damaging their lives – this is what they said

My borough will be one of the hardest hit, losing eight per cent of our local economy

At the beginning of 2017, I presented my first council motion regarding Brexit and subsequently requested that a Brexit Taskforce be included in the council budget. In a later motion, I demanded that a Brexit Taskforce be established to plan for a number of Brexit scenarios, and to manage its impact on the local economy and residents.

I pointed out that Tower Hamlets will be one of the hardest hit boroughs, losing some eight per cent of output, worth £11bn, because of its reliance on industries that are significant exporters, at risk of offshoring to the EU or are deeply embedded in international supply chains. I also mentioned that a hard Brexit would cause financial firms to move from Canary Wharf to more favourable cities in Europe, resulting in fewer jobs and reduced commercial and housing development.

While campaigning a couple of weeks ago for the People’s Vote in my ward, it was evident that Brexit is already impacting Tower Hamlets on a local level – a borough wedged between the financial hub of Canary Wharf and the City.

Speaking to residents and business owners in Watney Street Market, their struggles were evident, with many commenting on the significant escalation of food prices. In a borough where I have often referred struggling families and single people to food banks and charities for support, it will be an enormous strain on these residents as we exit the EU.

Local businesses are already feeling the pinch of Brexit as time goes by. Zakaria, who owns women’s clothing store New Inaya, said; “Brexit had an effect on my business; importing goods from abroad has rocketed in the last six months. It’s the same for many local businesses and I don’t know what next March will bring for us as a local community.”

Tower Hamlets has been home to immigrant communities for decades. It was interesting to discuss how Brexit had impacted those who send money back home, from EU nationals working in city firms to Muslims discussing the drop in the pound rate during Eid, when money is often spent on charity.

Several major organisations are now moving their operations from Canary Wharf to Europe as a result of Brexit. The European Medicines Agency (EMA) will be relocating to Amsterdam and take up operations by 30 March 2019 at the latest. However, since the EMA signed a 25-year lease in 2014, their landlord is taking them to court to enforce the lease, meaning that EMA face an outstanding bill of around £500m.

Tower Hamlets’ Liberal Democrats spoke to the EMA and the European Banking Authority. It is now clear that the EMA will lose more staff than originally anticipated and that 135 short term contract staff will no longer be able to work for them because of employment rules in the Netherlands.

The European Banking Authority will move to Paris and Barclays will move up to 50 investment bankers to Frankfurt. This follows a prediction by the Bank of England last year that Brexit could cost 75,000 finance jobs.

Brexit has far-reaching ramifications, which I have consistently highlighted over the past two years, but the government has not prepared for Brexit and the main opposition party has not provided an alternative solution.

I joined the Liberal Democrats because we have a shared vision to create a safer, more prosperous and cohesive Tower Hamlets that supports the needs of all its residents in the wake of Brexit. While the Tories fight over Chequers and Labour can’t decide if they are in or out, there is the alternative – a People’s Vote on the final Brexit deal.

Rabina Khan is a writer and politician who is currently a councillor in Tower Hamlets, East London