Mission impossible: calculating the economic costs of Brexit

Much of the 2016 referendum debate focused on the costs involved in a potential Brexit. The 'fatalists' claimed that the losses would be huge and felt immediately after the UK had taken the decision to leave the EU. As time progressed, a more 'moderate' view prevailed postulating that the costs would not be instantly perceptible, but would crystallise only over the medium-run. However, according to Eddie Gerba (LSE), the reality is much more complex and the degree of uncertainty in estimating the true economic costs has been much higher than any of the sides in the debate were ever willing to admit.