Britain’s exit from the European Union will send the country from fifth place to eighth in the global economic ranking in the next 15 years, a new economic analysis has found.
The country’s economic prospects will be damaged by Brexit’s negative impact on the value of the pound, analysts at the Centre for Economic and Business Research (CEBR) found.
The pound has dropped 18 percent against the US dollar and 10 percent against the euro since Britain voted to leave the EU on June 23.
CEBR predicted that consumer spending in the UK will be squeezed next year as the currency fall is causing inflation to spike. Consumer spending has been the major driver of Britain’s economic growth in recent history.
France is on track to pass Britain to become the fifth largest economy in the world as the pound’s post-Brexit vote slump takes its toll on British economic growth, the study found.
China may overtake the US to become the world’s largest…