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Interview

The Economic Consequences of Brexit

A Conversation With Swati Dhingra

Swati Dhingra

  • Country: United Kingdom
  • Title: Assistant professor of economics, London School of Economics
  • Education: University of Wisconsin-Madison

Before Britons voted to leave the European Union, Swati Dhingra, an assistant professor of economics at the London School of Economics, wrote a series of papers with her colleagues trying to convince them otherwise by pointing to the economic consequences. Two weeks after the voters chose Brexit, Dhingra spoke with Foreign Affairs deputy managing editor Stuart Reid in London.

Were you surprised at the immediate financial turmoil after the vote?

Not at all, because we had already seen that the turmoil actually started a bit before, in terms of the real business activity. Recruitment companies weren’t hiring very much. Seventeen percent of the 340 companies that were surveyed recently said that they were on a hiring freeze. Another 25 percent said that they were only doing short-term contracts. Mergers and acquisitions were down 70 percent compared to last year. So in that sense, we were already seeing real business activity come to

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