Brexit ‘disaster’ for UK economy, impact on EU smaller- French finmin

Britain’s decision to leave the European Union is a disaster for its economy but will have less severe consequences on growth in other EU countries, French Finance Minister Michel Sapin said on Thursday.

Asked on Radio Classique whether a Brexit will have an impact on economic growth in other European countries, Sapin said it was “an economic catastrophe for Britain” and added:

“Yes, there will be consequences, first of all in Britain. And when a large economy like Britain’s sees economic activity decline, this obviously has consequences on its neighbors.”

“Will these consequences be considerable? I don’t think so and it doesn’t jeopardize our growth forecasts,” Sapin added.

He also stuck to the government’s 2017 deficit target of 2.7 percent. “This target is intangible,” he said.

Source: Reuters