The whole world is eager to know the result of Brexit poll on Thursday. The result could have far economic consequences for the EU and the rest of the world. The greater consequences are more subtle, gradual, and global.
Brexit would be the postwar of decades against global integration. This consensus is boosting protectionism and anti-immigrant world-wide. The uncertainties would slow down global growth clouded by aging populations and inefficient productivity.
Although the supporters on Brexit say EU integration improves the incomes only for elites, every skilled worker is also a consumer and, therefore, benefits the whole British economy by making products better and cheaper to compete in the world market.
As for the immigration policy, it's probably a plus as well. EU immigrants to Britain are better educated and diligent compared to UK-born workers, and immigrants normally pay more in taxes than they receive in benefits, according to The Center for Economic Performance at the London School of Economics.
This article was published online by Financial Buzz on June 23, 2016
Link to article here
Related publications
Brexit and the Impact of Immigration on the UK, Swati Dhingra, Gianmarco Ottaviano, John Van Reenen and Jonathan Wadsworth, CEP Brexit Analysis No.05, May 2016
Full series of CEP Brexit Analyses can be seen here
Related links
Swati Dhingra webpage
Gianmarco Ottaviano webpage
John Van Reenen webpage
Jonathan Wadsworth webpage
Labour Markets Programme webpage
Growth Programme webpage
Trade Programme webpage
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