Brexit will hurt world economy -- US Treasury chief | Inquirer News

Brexit will hurt world economy — US Treasury chief

/ 11:09 AM March 30, 2016

FILE - In this Thursday, March 15, 2012 file photo, the Boudica statue stands in the foreground as fog shrouds the clock tower which houses the Big Ben bell at the Palace of Westminster, London. Officials on Tuesday, Aug. 25, 2015 said that the famous clock at Britain's Parliament, used by people across Britain to check the time, has recently been slow by as much as six seconds. (AP Photo/Matt Dunham, File)

This March 15, 2012 file photo, shows the Boudica statue in the foreground as fog shrouds the clock tower which houses the Big Ben bell at the Palace of Westminster, London. Britain is in the midst of a decision whether to leave or stay with the European Union. AP

WASHINGTON, United States — If Britain exits the European Union it will have a negative impact on the British, European and world economies, US Treasury Secretary Jacob Lew warned Tuesday.

Britons are set to vote in a crucial referendum on June 23 to decide whether to back a so-called Brexit — or exit from the European Union.


The consequences of a Brexit — in terms of the flow of trade and economic relationships — would have far-reaching repercussions, Lew told Charlie Rose on public television PBS.


READ: EU leaders agree on ‘Brexit’ deal—Lithuania presidentPound takes hit in Asia on ‘Brexit’ fears

“I don’t think it’s good for the European, or the British economy, or the global economy,” Lew said, adding: “And in a world where one of the things that drives the economy is the uncertainty of geopolitical risks…

“It is clear that when you increase the level of unease, it has an economic consequence.”

Asked about the international effort to cut off the finances of the Islamic State of Iraq and Syria, or ISIS, group through sanctions, Lew acknowledged that it is “a complicated story” because the group is “a complicated creature.”

“The terrible truth about the horrible events in Brussels and Paris is, it doesn’t take that much money to do things like that,” he said.

“We work with our counterparts in Belgium, in France, around Europe, to make sure we share information” to see where money is moving before or after attacks, he said, adding that the United States has the “most sophisticated capabilities in the world” in surveillance.


“The rest of the world needs to pick up its game and develop that kind of sophisticated set of tools,” he said.

“We can’t watch everything in the world.”

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: Brexit, Britain, Europe, News, World economy

© Copyright 1997-2024 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.