Blog posts tagged by tag: Brexit
Boris Johnson became prime minister on 24 July, with a promise to loosen the fiscal purse strings and leave the EU by 31 October—“no ifs, no buts”. However, with that deadline fast approaching, the UK’s political—and by extension economic—future is still very much in the dark. To shed clarity on the situation, and explore what could be in store for the economy and on the Brexit front, we spoke to Andrew Goodwin, Chief UK Economist at Oxford Economics.
Written by Jan Lammersen, Economist
The effects of Brexit on both individual Eurozone countries and the area as a whole remain shrouded in uncertainty. While negotiations on the United Kingdom’s divorce from the European Union are still under way, Westminster has released several policy papers to date, none of which were found to be “satisfactory” by the president of the European Commission, Jean-Claude Juncker. Speaking at a conference of EU ambassadors in late August, Juncker commented:
“We need to be crystal clear that we will commence no negotiations on the new relationship—particularly a new economic and trade relationship—between the UK and the EU before all these questions are resolved.”
It’s been a little over a month since the UK voted to leave the European Union in one of the biggest and most unexpected political events to happen since the turn of the century and arguably going back even farther than that. Apart from the political shakeup this has caused, the impact of the Brexit has far reaching economic consequences as well. We here at FocusEconomics, needless to say, have been working tirelessly to bring you forecasts and analysis for the UK economy and the rest of the world since the unprecedented Brexit vote.
In the immediate aftermath of the vote we came out with new post-Brexit forecasts and analysis for the UK economy and a few weeks later we had a revised set of forecasts for the UK. Subsequently, we updated or forecasts and analysis with Brexit in mind for Latin America, the ASEAN region, East & South Asia, and Sub-Saharan Africa.
Finally, without further ado, we have the all-important post-Brexit forecasts and outlook for the Eurozone economy. In the following post we present you with our updated forecasts and analysis for the Eurozone along with comments and individual forecasts from the likes of Danske Bank and BNP Paribas. We also have additional analysis on the Euro Area and our Global Economic Outlook, in case you’re interested in further reading.
2017 is shaping up to be a tough year for the UK post-Brexit. Economic analysts are projecting the economy to decelerate substantially to just 0.3% growth, fixed investment is seen falling drastically, exports are expected to plummet, the pound has taken quite a tumble... and that's just the beginning. Have a look at the latest forecasts for the UK:
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The EU Referendum results came as a shock to many last week with the immediate effects having reverberated across Europe and the world impacting global financial markets heavily. The immediate effects of the so-called ‘Brexit’ have been widely reported, however, what remains to be seen is the economic impact of the Brexit in the longer-term. That, of course, is still unknown, but the media consensus to date seems to be that the future of the UK’s economy is bleak.
Needless to say, we here at FocusEconomics have had a lot of work over the last few days since the UK voted to leave the EU last Thursday. We have frantically contacted our global network of economic analysts, investment banks, and think tanks to collect their updated forecasts in the wake of the Brexit vote. Luckily, we were able to collect quite a few to compile an up-to-date post-Brexit Consensus Forecast for the UK. Some of our analysts were also generous enough to gives a few quotes with their views on the situation.
Give this blog post a read through to get some of the highlights of our Brexit Economic Impact report where we detail the effect the Brexit has had on UK GDP growth forecasts accompanied by comments from leading economic institutions.
Also, don’t forget to have a look at our UK economic outlook page and our global economic outlook page for up-to-date economic data and analysis post-Brexit. Get a copy of our UK after the Brexit report here.
Click the infographic to open a full-sized version
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