Theresa May had warned: Brexit will “hurt” the British economy. Article 50 of the Lisbon Treaty has not even been invoked by the government yet. Without this, official discussions on Brexit cannot begin.
Analysts are anything but in agreement on the impact of Brexit, but they know one thing: it won’t be good for the economy.
Even if panic didn’t seize the stock market after the Brexit vote and the victory of the “Leave” camp, businesses will have to endure a hard blow in the coming years.
The British Chamber of Commerce (BCC) confirms this theory in its first growth estimates published after the vote. The BCC cuts the UK’s growth forecast for the next three years. And it starts as early as 2016.
In the year of the vote, the UK will experience a slowdown in GDP growth. Initially expected to grow at 2.2%, the Chamber of Commerce now anticipates only 1.8% growth in 2016. That’s 0.4% less growth,
The year 2017 is when the UK will suffer the most, according to the BCC. It initially expected a growth of 2.3%, but the new estimates now predict only 1% growth for the country.
In 2018, the situation will begin to improve with a growth of 1.8%, still well below the 2.4% growth expected before the vote.
The British economy is therefore set to take a hit. By the end of 2018, the country will have simply lost 51.6 billion euros…
