Britain's protracted divorce from the European Union is hurting the world&#...
LONDON - Britain’s protracted divorce from the European Union is hurting the world’s fifth largest economy as dwindling company investment, signs of a looming labor market shock and poor productivity hinder growth, Goldman Sachs said.
“The politics of Brexit have become more protracted and, as a result, the side-effects of Brexit on the UK economy have intensified,” Goldman said in a note entitled “Brexit — Withdrawal Symptoms”. Bank of England Governor Mark Carney said in February that Britain had lost around 1.5 percent of GDP compared with the central bank’s expectations before the referendum. Carney said this month that uncertainty facing British businesses has gone “through the roof” due to Brexit.
“The balance between weaker demand for workers and a shorter supply of workers bears the hallmarks of a Brexit-induced labor market shock,” Goldman economists said.
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