Brexit warning: IMF chief Christine Lagarde
The gloom will not lift over Britain’s economy until it clears up the terms under which it leaves the EU, the International Monetary Fund (IMF) boss has warned.
‘The cloud of uncertainty that covers the British economy is certainly one of the causes why it is not enjoying the same kind of upswings as the other advanced economies,’ said Christine Lagarde at the spring meeting of the IMF.
Lagarde, who has been notably negative about the UK’s post-Brexit prospects, suggested Britain will have to wait for a deal with the EU before growth strengthens.
She also cautioned:
- £116trillion global debt is at an all-time high;
- Financial uncertainty has risen because of high debt and market turbulence;
- Trade wars could undermine investment and hit shares and other markets;
- Too much power in the hands of the tech giants is bad for the economy and individuals.