Tuesday 24 January 2017

Brexit bounce may just be a 'mirage' - S&P

Published 13/09/2016 | 02:30

Photo: PA
Photo: PA

The apparent lack of economic fallout from Britain's vote to leave the European Union may be a "mirage".

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Analysts have been surprised at robust economic data from the UK and Ireland since the June vote.

However, ratings agency Standard & Poor's said yesterday that signs of a post-Brexit recovery in Britain don't reflect longer term reality. "While the news is encouraging, we believe it has no bearing on the cloudy longer-term outlook for the UK economy," Sophie Tahiri, an economist at S&P Global Ratings, said in a report.

British consumers have shown little sign of being hurt immediately by the June 23 referendum decision to leave the EU. Many companies saw business dip in July but bounce back in August.

Irish Independent

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