Brexit commentary

The Times: Recession and housing crash won’t happen


The economy has quickly stabilised after the European Union referendum and will not suffer a recession or a housing market crash, according to analysts at PwC. The expected economic downturn resulting from the Brexit vote will not be "anything like as severe" as the global financial crisis of 2008, they say in a report, adding that the fall in sterling would boost exports, which should "help to moderate the large current account deficit". John Hawksworth, chief economist at PwC, said that the swift appointment of a new prime minister and cabinet also had helped to restore a sense of stability for businesses.

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