Britons brace for economic pangs of EU exit decision
Now they’ll find out whether it will. UK financial leaders are scrambling to reassure households, businesses and investors that they can contain the doom and gloom they had predicted in case of a British exit, or Brexit.
The pound plunged to its lowest level in over 30 years on Friday, raising concerns about price inflation, and shares in the UK’s biggest banks and real estate builders posted double-digit declines as economists predicted the country would fall into recession.
Economists slashed their forecasts for Britain, with some expecting a recession and next to no growth next year.