Cazenove's Jeffrey: Brexit downside risks worse than 1992 - but there could be an 'invigorating' economic shake-up
Positive impact from falling sterling
There is no doubt we have just experienced a very significant shock with Brexit. The risk is, however, that our greater feeling of vulnerability leads us to overstate the immediate negative consequences for the economy.
Looking at published UK GDP data for the 15-year period between 1993 and 2007, there were only three quarters in which the year-on-year growth rate was below 2%: in Q4 2004 and Q1 2005 at 1.9%, and then...
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