The U.K.'s economy has remained relatively unscathed thus far despite higher policy uncertainty associated with the Brexit vote, which has mostly had a negative impact on the pound. Uncertainty will abound now that the two-year negotiations have begun. We outline some possible outcomes of Brexit, highlighting Prime Minister May's mandates on trade and the movement of EU citizens. If time permits, the most likely outcome is a FTA, but we wouldn't rule out a hard Brexit.
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