‘Brexit to sink sterling by 20%’, says UK institute Niesr

The UK economy will this year grow less than previously estimated and a vote to leave the EU would send sterling tumbling and further damage the outlook, the UK’s National Institute of Economic and Social Research (Niesr) said.

Niesr said a Brexit in the June 23 referendum would slow 2017 growth by about 0.8 percentage points and cut one percentage point from the level of GDP.

It also lowered its 2016 projection to 2% from 2.3%.