IMF's Lagarde: Closing deal with the EU will be critical to avoid very large costs on the UK economy
|IMF chief Christine Lagarde, commenting on the preliminary findings of IMF staff's assessment on Brexit, said that a no deal Brexit is the most significant risk to the UK economy.
Key quotes:
• IMF projections assume a timely deal, smooth Brexit.
• But a more disruptive departure will have a much worse outcome.
• Should not understate progress made in Brexit talks.
• But there are many critical issues still left unresolved.
• The range of issues at hand and lack of time for a Brexit deal are daunting.
• Sterling's depreciation since Brexit vote has hurt real income growth.
• UK exports have not picked up enough to stop overall slower growth.
• The UK has structural challenges beyond Brexit.
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