No Armageddon, but Brexit will harm the UK economy

The UK economy may be paying for Brexit for a long time to come. 

The strength of the expansion since the vote to leave the EU hasn’t allayed concern about how the decision will filter through the economy over the coming years. It won’t mean Armageddon, but the broad consensus among economists — whose predictions about the initial fallout were largely too pessimistic — is for a prolonged effect that will ultimately diminish output, jobs, and wealth to some degree.

For now, the economy continues to boom, with figures this week showing growth of 0.7% in the fourth quarter of 2016, the fastest in a year and revised up from 0.6%.