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Federal Reserve Bank of San Francisco
FRBSF Economic Letter
Brexit: Whither the Pound?
Pierre-Olivier Gourinchas
Galina Hale

People of the United Kingdom voted to exit the European Union last June, a process dubbed “Brexit.” The persistent depreciation of the British pound since the vote suggests that U.K. economic conditions will be weakened over the long run following the separation from the EU. This projection of a persistent economic loss is based on the expected reversal of earlier gains from trade with other EU members and reduced cross-border labor flows.

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Pierre-Olivier Gourinchas & Galina Hale, "Brexit: Whither the Pound?" , Federal Reserve Bank of San Francisco, FRBSF Economic Letter, number 11, 2017.
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