UK Economy Faces Permanent Hit with Brexit – Osborne

Chancellor George Osborne said a vote to leave the European Union in a referendum in June would do permanent damage to the country’s economy, which he warned would be 6 percent smaller by 2030 than if it stayed in the bloc.

The government is due to present on Monday a “serious, sober analysis” of the long-term economic impact of a so-called Brexit, a source familiar with the document said.

Osborne was quoted as saying the loss to the economy would be the equivalent to each household of 4,300 pounds ($6,100) a year by 2030.

Reuters

Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.