The Economic Impact of Brexit

Brexit is the prospective withdrawal of the United Kingdom from the European Union. In a referendum on 23 June 2016, 51.9% of the participating UK electorate voted to leave the EU.

When Britain’s vote to leave the European Union was announced on June 23, the pound plummeted to its lowest level against the dollar in 31 years and more than $2 trillion was wiped off the global stock market in reaction to the shocking referendum result.

Brexit (like its early variant, Brixit) is a portmanteau of “British” and “exit”. It was derived by analogy from Grexit, referring to a hypothetical withdrawal of Greece from the eurozone (and possibly also the EU). The term Brexit may have first been used in reference to a possible UK withdrawal from the EU by Peter Wilding, in a Euractiv blog post on 15 May 2012 (given as the first attestation in the Oxford English Dictionary)

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 Brexit Poses Serious Risk to UK Fashion Industry

“Currently, you can have the emergency overnight booking if something falls through… You can get someone in on the Eurostar from Paris by lunchtime, because there is no paperwork,” says Kampfner. Ensuring access to talent is a priority for CIF, which sits on the government’s migration advisory committee. “The government is aware that the creative industries are much more flexible with how they work than other industries, like the financial sector.”

According to the OECD, labour productivity in the rest of the UK is declining following the Brexit vote and the economy has slowed to 0.3 percent in the second quarter 2017. Brexit could reduce the UK’s GDP by £40 million ($52.7 million) by 2019.

The creative sector is bigger than oil or gas, life sciences and aviation put together,” says Kampfner. “This is the absolute growth engine for the UK economy. Anything that is done that imperils this growth won’t just damage this sector, but it will damage the economic well being of the country at large”

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