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One of the major developments in the global economy since the publication of the last Global Chartbook in early June was the June 23rd decision by voters in the United Kingdom to seek an exit from the European Union (a.k.a. “Brexit”). As covered in a report soon after the referendum, Wells Fargo believes Brexit will cause a modest and short-lived recession in the U.K. economy starting later this year. Uncertainties about the economic relationship that the United Kingdom will ultimately have with the remaining members of the European Union will weigh on U.K. investment spending, thereby producing a modest recession in that country.


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