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IMF says Brexit impact 'negative and substantial' for UK

A 'Vote Remain' sign urging people to avoid a Brexit in the upcoming EU referendum is seen on the roadside near Charing south east of London on June 16, 2016The International Monetary Fund warned Friday that if Britain votes to exit the European Union next week it could deal the economy a “negative and substantial” blow. The Washington-based global crisis lender revealed the findings of its annual British economic checkup less than a week ahead of the June 23 vote on EU membership, adding that “contagion effects” from a “Leave” vote could hit markets worldwide. “While there is much uncertainty about the precise economic effects of an exit from the EU, they are likely negative and substantial,” the IMF concluded.

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