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A hard Brexit will spell hard times

The belief that the UK can go it alone defies economics, geography and the law

By Philippe Legrain   December 2016

Brexit Secretary David Davis ©Mark Marlow/PA Wire/PA Images

The pound in your pocket has lost 15 per cent of its foreign purchasing power since the Brexit vote on 23rd June. This is now pushing up the price of Marmite, Apple Macs and much else. While the economy slowed by less than expected in the three months to September, Britons are already decisively poorer, because currency markets believe the UK is headed for a very harmful hard Brexit in 2019.

While prime minister Theresa…

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