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ChristyBuche
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International Monetary Fund says that Brexit has "the potential to reshape the structure" of the British economy.


Fund says that financial services are likely to be hardest hit, although manufacturing may also face significant changes.


Possible shifts in the way the UK economy is structured could have important implications for the UK's productivity growth, which the IMF says "will be the primary determinant of UK living standards in the long run."



LONDON — Leaving the European Union has "the potential to reshape the structure" of the British website - mouse click the up coming document, economy as the UK's future relationship with the EU becomes more clear, the International Monetary Fund said.

On Wednesday, the IMF published the conclusions of its recent mission to the UK
— a standard visit carried out by IMF staff to monitor the state of the British economy — and said that it sees the potential for a shift in the way Britain's economy is structured as Brexit alters the sectors that are most important to the UK's growth.

"The impact will depend on the nature of the final agreement, and may take many years to fully materialize. However, in the coming years agriculture, manufacturing and services will all be affected by changes in the trade framework, regulatory structure and labor market," the fund's concluding statement said.


The fund gave particular attention to Britain's financial services sector, which is a major contributor of both output and tax revenues, but faces an uncertain future as it prepares to lose its financial passporting rights with the EU. 


The passport is effectively a set of rules and regulations that allow UK based financial firms to access customers and carry out activities across Europe. Many non-EU lenders use the passport to operate a hub in the UK and then sell services across the 28-nation bloc.

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