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Risk of UK Slipping Into Recession After Brexit Vote Remains High in 2016

© Sputnik / Alexey Filippov / Go to the mediabankCities of the world. Manchester
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Former UK Chancellor of the Exchequer Kenneth Clarke predicted Thursday that in the wake of Brexit the United Kingdom was at real risk of falling into recession before the end of 2016.

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MOSCOW (Sputnik) — The United Kingdom will be deprived of foreign investment up to the moment the understanding "of what our economic and trading relationships are going to be with the rest of the world" emerges, Clarke noted.

"I think there's a very good risk of recession before the end of the year. I hope I'm wrong. The IMF [the International Monetary Fund] doesn't appear to think we're going to go into recession, they think we're going to suffer a bad slowdown which I think is pretty inescapable. Certainly in the short term we face a lot of economic difficulties," Clarke told the LBC radio broadcaster.

Earlier this week, Moody’s Investors Service said in a report that the health of the United Kingdom’s overall economy and its banking system was expected to gradually decline as the nation’s exit from the European Union proceeded.

On June 23, the United Kingdom held a referendum to determine whether or not the country should leave the European Union. According to the final results, 51.9 percent of voters, or 17.4 million people, decided to support Brexit, while about 16.1 million opposed it.

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