Tech / Business
What The Brexit Vote Has Done To The Economy
Two weeks after the vote, the British pound is at a new low, consumer confidence has plunged, and analysts predict a U.K. recession.
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A lot has happened politically: The prime minister said he would resign, the head of the anti-EU U.K. Independence Party resigned, conservative politician Michael Gove’s failed bid to succeed David Cameron threw the Tories into disarray, and a Labour coup attempt is in retreat.
And that’s not even counting the economic impact in the U.K.
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The most obvious and immediate effect of the referendum vote last Thursday was the devaluation of the British pound, which hit new 31-year lows. It fell from just over US$1.50 per British pound before the vote to below US$1.30 on Friday.
British Chancellor of the Exchequer George Osborne leaves from 11 Downing Street in central London on June 28, 2016.
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