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Britain votes to leave EU: national media

– Going it alone –

The result means the world’s fifth largest economy must now go it alone in the global economy, striking a new trade relationship with the bloc it is abandoning and brokering new deals with all the countries it now trades with under the EU’s umbrella.

European Commission chief Jean-Claude Juncker has said the EU will “not be bending over backwards” to help Britain in those negotiations. Analysts say it could take the island nation a decade to secure new trade accords worldwide.

In a worst-case scenario, the International Monetary Fund has warned that the British economy could sink into recession next year and overall economic output would be 5.6 percent lower than otherwise forecast by 2019, with unemployment rising back above six percent.

Thousands of jobs in the City could be transferred to Frankfurt or Paris, top companies have warned. The Brexit camp has argued that the business world will adapt quickly, however, with Britain’s flexible and dynamic economy buoyed by new economic partners and selective immigration.

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