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IMF chief says Brexit delay avoids 'terrible outcome'

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[WASHINGTON] The six-month delay of Britain's exit from the European Union avoids the 'terrible outcome' of a 'no-deal' Brexit that would further pressure a slowing global economy but does nothing to lift uncertainty over the final outcome, the head of the International Monetary Fund said on Thursday. Read more at The Business Times.

While knock-on effects of the Brexit saga are rippling around the world to one extent or another, the three years since the June 2016 UK referendum to leave the EU have weighed most heavily on Britain.

Mr Carney said that while the risk of a no-deal Brexit had been lowered, it remained to be seen how well the extra time is used. As a result, the global economy appeared to be ever more reliant on consumers than on trade and investment growth, Mr Carney said."Normally when expansions are reliant on the consumer, you start watching the clock, in terms of how much longer it will last."

 

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