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UK GDP Preview: How Bad Does Brexit Taste?
Never in the post-war history of Britain has there been such a massive political impact on global financial markets like what we have seen in recent days, following last week's Brexit vote. But how detrimental is this event in the short and medium term? The third estimate of UK GDP growth in the first quarter is expected to confirm a 0.4% expansion. Commercial surveys published earlier this month pointed to even slower growth in the second quarter. Not much of a boost to growth is expected during the rest of 2016 either, given the political turmoil and uncertainty. The Bank of England (BoE) is seen watching closely ... (full story)