French Finance Minister warns UK of “catastrophic” impact of Brexit

PARIS, June 30 (KUNA) — French Finance Minister Michel Sapin warned on Thursday that the economic consequences of leaving the European Union would be catastrophic for the British economy, whose activity would shrink as a result.
Speaking on the economic news programme of “Radio Classique”, Sapin also acknowledged that the Brexit decision by Britain would also effect its European leaders but to a far lesser extent.
“Yes, there will be consequences, firstly for Britain,” he said, noting that a decline in British economic activity “obviously has consequences for its neighbours.” Nonetheless, at this stage, Sapin said he did not see a threat to French Gross Domestic Product growth, while at the same time he warned that the referendum to leave the EU is an “economic catastrophe” for Britain.
France is taking a relatively hard line with Britain after voters chose by 52 percent to 48 percent to leave the 28-nation EU.
Officials, including Sapin, have said this withdrawal must be done rapidly to end uncertainty that is affecting financial markets.
British Prime Minister David Cameron says he will not formally submit the required request to leave the EU but will leave that to his successor after the summer. (End) jk.ha

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