Nomura's Baseline is U.K. Recession Following Brexit

Following Brexit, Nomura's European economist Philip Rush’s new baseline forecast is for a recession in the UK that will prompt the Bank of England’s monetary policy committee (MPC) to loosen policy once it is clear that the UK will leave the EU. He believes that the MPC will cut the Bank rate by 50bp, with the potential for rates to move slightly negative and for quantitative easing to restart in 2017

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