Brexit and the Pound in Your Pocket
The early returns on Brexit are in, and the data are not good, regardless of claims to the contrary by supporters of the UK’s decision in June to withdraw from the EU. And, though sterling's depreciation should boost exports, history is not on Britain's side.
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BERKELEY – The early returns on Brexit are in, and, contrary to what some have been claiming, they’re not good. In July, following the referendum, consumer confidence collapsed at its most rapid rate since 1990. Surveys of manufacturing and construction dropped precipitously. While August’s data were better, it is too soon to say whether the improvement was just a “dead cat bounce.”