{
  "title": "United Kingdom: Selected Issues",
  "publication": "IMF Staff Country Reports, November 14, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/11/14/united-kingdom-selected-issues-46354",
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  "summary": "This Selected Issues paper estimates the long-run economic impact of Brexit on the United Kingdom under two distinct assumptions for the post-Brexit relationship between the United Kingdom and the European Union.",
  "sections": [
    {
      "heading": "Main objective and scenarios",
      "content": "- Estimates the long-run economic impact of Brexit on the United Kingdom under two distinct assumptions for the post-Brexit relationship between the United Kingdom and the European Union.\n- The illustrative scenarios entail:\n  - different degrees of higher trade costs,\n  - a more restricted European Union migration regime,\n  - reduced foreign inward investment."
    },
    {
      "heading": "Methodology",
      "content": "- A standard multicountry and multisector computable general equilibrium model is used to quantify the impact of higher trade barriers.\n- Empirical analysis of labor mobility across sectors is conducted to assess adjustment speed."
    },
    {
      "heading": "Key findings",
      "content": "- There is substantial sectoral heterogeneity in the impact of Brexit.\n- Regions with higher concentrations of the more affected sectors are likely to confront greater losses.\n- The empirical analysis suggests the speed of sectoral labor relocation across sectors has been relatively low in the UK.\n- Irrespective of empirical estimates of mobility, faster adjustment policies would reduce aggregate and individual costs."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Policies to facilitate faster adjustment to the post-Brexit equilibrium are critical. Examples highlighted:\n  - retraining to accelerate sectoral labor relocation and minimize associated costs to individuals and in aggregate."
    },
    {
      "heading": "Publication metadata and identifiers",
      "content": "- Publication date: November 14, 2018\n- Pages: 68\n- Volume: 2018\n- Issue: 317\n- Series: Country Report No. 2018/317\n- DOI: https://doi.org/10.5089/9781484384596.002\n- Stock No: 1GBREA2018004\n- ISBN: 9781484384596\n- ISSN: 1934-7685\n\nSource: United Kingdom: Selected Issues (IMF Staff Country Reports), November 14, 2018.\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: November 14, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484384596.002",
    "Estimates the long-run economic impact of Brexit on the United Kingdom under two distinct assumptions for the post-Brexit relationship between the United Kingdom and the European Union.",
    "The illustrative scenarios entail:",
    "A standard multicountry and multisector computable general equilibrium model is used to quantify the impact of higher trade barriers.",
    "Empirical analysis of labor mobility across sectors is conducted to assess adjustment speed.",
    "There is substantial sectoral heterogeneity in the impact of Brexit.",
    "Regions with higher concentrations of the more affected sectors are likely to confront greater losses.",
    "The empirical analysis suggests the speed of sectoral labor relocation across sectors has been relatively low in the UK.",
    "Irrespective of empirical estimates of mobility, faster adjustment policies would reduce aggregate and individual costs.",
    "Policies to facilitate faster adjustment to the post-Brexit equilibrium are critical. Examples highlighted:",
    "Publication date: November 14, 2018",
    "Pages: 68",
    "Volume: 2018",
    "Issue: 317",
    "Series: Country Report No. 2018/317",
    "DOI: https://doi.org/10.5089/9781484384596.002",
    "Stock No: 1GBREA2018004",
    "ISBN: 9781484384596",
    "ISSN: 1934-7685",
    "**Country Report**"
  ],
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