Tags: nouriel roubini | brexit | europe | britain

Economist Nouriel Roubini on Brexit: UK 'Much Better Off Inside the EU'

Economist Nouriel Roubini on Brexit: UK 'Much Better Off Inside the EU'
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By    |   Thursday, 23 June 2016 08:49 AM

Famed economist Nouriel Roubini of New York University thinks Britons are “much better better off” staying in the European Union.

He cautioned that Britain could plunge into recession if voters opt to leave the EU, damaging the U.K.’s economy and job market.

The economist posted numerous warnings on Twitter:

Roubini joins George Soros, Jamie Dimon and other notables in warning about Brexit’s risks, MarketWatch reported.

But there are also big names in favor of leaving the EU, such as former London Mayor Boris Johnson, former HSBC CEO Michael Geoghegan and actor Michael Caine. Pro-Brexit economists have made a case for departing, MarketWatch reported.

Financial markets and bookmakers put their money on Britain's voting to remain a part of the European Union on Thursday in a historic referendum that threatens to undermine the experiment in continental unity launched in the aftermath of World War II.

More than 46 million people were registered to vote in the referendum, which asks: "Should the United Kingdom remain a member of the European Union or leave the European Union?" The heated campaign saw the nation take stock of its place in the modern world and question the direction it wanted to take in the future.

"This is, I'd say, the most important day in the past 20 years, at least for the U.K., and the economic consequences of a vote out are huge," said investment banker Hasan Naqvi outside a London polling station.

"Leave" campaigners claim that only a British exit can restore power to Parliament and control immigration. The "remain" campaign led by Prime Minister David Cameron argues that Britain is safer and richer inside the 28-nation EU.

Financial markets have been volatile ahead of the vote, with opinion polls suggesting a tight race, but the pound surged Thursday amid market optimism that uncertainty over the vote would end with a vote to stay, the Associated Press reported.

The bookies also clearly saw momentum to "remain." The betting market Betfair said the probability that the country will stay stands at 86 percent, with a British exit, or Brexit, given just a 14 percent chance.

Also buoying the markets was an opinion poll conducted by the Ipsos MORI firm for the Evening Standard newspaper which suggested the "remain" camp winning by a narrow margin.

(Newsmax wire services contributed to this report).

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Nouriel Roubini think Britons are "much better better off" staying in the European Union.
nouriel roubini, brexit, europe, britain
Thursday, 23 June 2016 08:49 AM
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