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Brexit will lead to recession, London banks predict

Major banks in London have drastically revised down their 2017 forecasts in light of the Brexit vote, the Treasury reports. Barclays Capital and Nomura had each estimated growth of 1.9%, but Barclays now anticipates a 0.5% contraction, while Nomura expects the GDP to fall 1.3%.

The Independent (London) (tiered subscription model) (18 Aug.)