Victims of Brexit’s Real-Time Recession Already Feeling the Pain

June 30, 2016 Share Print 0

Damian Kimmelman is exactly the kind of entrepreneur the U.K. government says it needs. His London startup has 100 employees and expects to hire many more. Unfortunately for the British economy, Kimmelman’s new people won’t be in the U.K.: He changed his plans after voters chose to leave the European Union last week.

“We’ll be distributing our team, opening up new offices in Europe rather than focusing on the U.K.,” said Kimmelman, whose company, DueDil, provides data-analytics tools to study private companies. “This is a miserable outcome for the economy.”

Kimmelman is among thousands of U.K. businesspeople, investors and consumers overhauling their plans as a result of the Leave campaign’s surprise victory. Hiring is being canceled or moved overseas, investments terminated and expansions shelved.

Bloomberg

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Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA

Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.