In crudest outlines, the panic that followed Britain's vote to quit the European Union traced the 2008 collapse of Lehman Brothers, an event that turned an unfolding financial crisis into the bleakest economic downturn since the Great Depression. The similarities hung uneasily over markets on Friday, presenting a grim question: How ugly might things get? ... ''Lehman came out of the blue,'' said John Van Reenen, director of the Center for Economic Performance at the London School of Economics. ''This is like a train wreck where you can see the trains coming together for a long distance and you're hoping the trains will swerve away.''
This article was published by the New York Times on June 24, 2016
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The complete set of CEP Brexit Analysis papers is available in one publication. Download from here.
Related links
John Van Reenen webpage
Growth Programme webpage
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