The world map has been redrawn with the rules of commerce across Europe, the largest marketplace on earth. Britain's vote on Thursday to leave the European Union has set in motion an unprecedented and unpredictable process that threatens turbulence and potential crisis - for Britain, for Europe and for the global economy. ... ''You get a rabbit-in-the-headlights phenomenon where businesses don't want to make new decisions, or new investments, because they are uncertain about the future,'' said John Van Reenen, director of the Centre for Economic Performance at the London School of Economics. ''The immediate effect will be a lowering of investment activity, a lowering of hiring. There will an immediate slowdown of growth.''
This article was published online by CNBC (USA) on June 24, 2016
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Turbulence and Uncertainty for the Market After 'Brexit'
Related publications
Full series of CEP Brexit Analyses can be seen here
Related links
John Van Reenen webpage
Growth Programme webpage
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