The year 2016 looks set to have been something of a turning point for the UK economy. The result of the referendum held on the 23 June 2016 was a narrow majority in favour of leaving the European Union (EU). This result will dominate the economics and politics of the UK for the foreseeable future. Although the short-term consequences of leaving the EU (Brexit) may have been exaggerated, the long-term implications have yet to be fully appreciated by the public and policymakers.
The decision to leave the EU has not yet had significant measurable effects on the UK economy. Table 1 summarises the most recent data available (at the time of writing) for a range of aggregates of interest.
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