What are the economic consequences of Brexit? by Financial Times

What are the economic consequences of Brexit? by Financial Times (Btw. same refers to The Economist, WSJ and others the most influential economic titles) https://next.ft.com/content/70d0bfd8-d1b3-11e5-831d-09f7778e7377   

UK's EU referendum

FEBRUARY 22, 2016 by: Chris Giles in London

David Cameron has fired the starting gun for a June referendum on Britain’s membership of the EU — a vote with profound implications for the economies of the UK and continental Europe. In the first part of a special series, the Financial Times investigates the economic scenarios for the UK if voters on June 23 opt for “Brexit”, drawing a line under Britain’s four decades in the bloc.

In a poll of more than 100 economists for the Financial Times at the start of 2016, more than three-quarters thought Brexit would adversely affect the UK’s medium-term economic prospects, nine times more than the 8 per cent who thought Britain’s economy would benefit.

Many in the Leave campaign counter that economists tend to favour Britain remaining as an EU member because they are naturally in favour of deeper trading relationships with other countries.

The UK’s membership of the bloc has, in truth, both created and diverted trade. Most economists accept the evidence that trade creation has far exceeded trade diversion and brought increased competition, innovation and specialisation in its wake. But economics cannot predict what will happen if Britain leaves the EU.

Economists are generally wary of transitions, fearing that heightened uncertainty over Britain’s relationships with other countries will damage confidence and investment, at least for a few years if Britain were to leave the EU.

They are also more likely than many politicians to play down the importance of sovereignty, maintaining there will be a trade-off between sovereignty and the best decision-making authority.