I see the IMF have woken up......
“European Union countries will suffer long-term damage equivalent to about 1.5 percent of annual economic output if Britain leaves the bloc without a free trade deal next year, the International Monetary Fund said on Thursday...
...The EU's lost economic output in the case of no deal would cost the bloc around $250 billion (192.52 billion pounds), according to Reuters calculations based on the IMF's estimate of the size of the EU economy excluding Britain this year.
Lost employment could total 0.7 percent of the EU workforce, or more than a million jobs....
...The IMF said its study showed a bigger negative impact on the EU from Brexit than some previous work, because it modelled the disruption to manufacturing supply chains as well as the effect of tariffs and reduced financial services trade.
The Washington-based body also urged the EU to continue to allow London-based 'central counterparties' (CCPs) that clear global financial trades to handle euro transactions - something the European Central Bank has resisted previously.
"The potential forced relocation of a globally systemically important CCP to the EU should be viewed with great hesitation," the IMF said.”
Now we all know that we will be entering the pit of despair because we have always been told so. but let’s see if the $250Bn and the financial chaos of moving parts of the City at least rattles one or two European capital cities. Obviously the Eu bureaucracy won’t give a damn......
