No deal Brexit would cost Britain 6 percent of GDP, IMF warns
Leaving the European Union without a transitional trade deal would cost Britain about 6 percent of GDP -- roughly four years of economic growth compared with staying in the bloc, the International Monetary Fund said on Wednesday.
The IMF, which warned of the costs of Brexit before Britons voted to leave in June 2016, said securing a trade deal would roughly halve the economic damage from trade barriers and reduced foreign investment and immigration.
Directors emphasised the importance of a timely agreement with the EU, accompanied by an implementation period to avoid a cliff-edge exit in March 2019 and to allow firms and workers time to adjust to the new relationship, the IMF said.
Two months ago, IMF managing director Christine Lagarde said she expected the world'...