IMF: Brexit May Not Mean A British Recession

Britain need not suffer a recession if it leaves the European Union, the International Monetary Fund has said in its assessment of the risks around the referendum. The Fund said that the UK economy would be comparatively weaker if it left the EU but under its "limited" scenario - in which Britain stayed in the European Economic Area, the group that includes Norway - growth would slip from 2.2% to 1.4% next year. The drop is significantly smaller than that forecast by the Treasury.