The economy has slowed to a standstill, largely because of Brexit
FOR some time Britain’s vote in June 2016 to leave the European Union appeared to be having little economic impact. Sterling slumped but GDP growth in the second half of 2016 was faster than in the first. Unemployment fell, rather than jumping, as most economists had feared. Yet the notion that the economy would escape Brexit uncertainty was always fantastical. Britain’s economy has gone from a leader to a laggard internationally, as GDP growth has slowed sharply (see chart).