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Plus, EU and South Africa trade deals continue without UK
The European Union reckons that Britain’s decision to leave the 28-country bloc could see up to 2.5% shaved off the country’s economic output through next year.
In a preliminary assessment of the costs of so-called Brexit, the EU’s top economy official said the increased uncertainty related to the decision to leave in the June 23 referendum will reduce Britain’s GDP between 1% and 2.5% by 2017 compared with having remained.
Pierre Moscovici also said Monday that the GDP for the remaining 27 EU countries will be reduced by between 0.2% and 0.5% over the same period.
However, he insisted that these weren’t official forecasts and could be changed “if we are capable of limiting uncertainty and delivering the proper policy response.”
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