Brexit's Impact On The U.K. And Global Economy

Screens, one of which displays the rate of the British pound which drops against the US dollar (R) after the British referendum, are seen in a trading room in Paris, France, June 24, 2016. REUTERS/JACKY NAEGELEN

Jerusalem Post: How will the historic Brexit hit the EU economy?

* UK's historic divorce from EU triggers global consequences

Other EU members will have to fill in at least some of the shortfall from a future lack of UK contributions.

Brussels: The European Union's chief concerns over Britain's vote to leave the group are political but losing its second-largest economy will have a huge economic impact as well.

Below are some of the main economic risks and benefits for the EU's remaining 27 members.

BUDGET/ECONOMY

Other members will have to fill in at least some of the shortfall from a lack of its contributions.

Britain's total contribution to the EU budget for 2016 has been set at 19.4 billion euros ($21.4 billion), including its rebate and customs duties. It receives about 7 billion euros, mainly agricultural and regional subsidies, leaving a gap to fill of just over 5 percent of the total EU budget.

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WNU Editor: It has definitely been a bad day for global markets .... Brexit panic wipes $2 trillion off world markets - as it happened (The Guardian). And for the "rich" .... a bloodbath .... World’s 400 Richest People Lose $127 Billion on Brexit: Chart (Bloomberg).

More News On Brexit's Impact On The U.K. And Global Economy

Markets reel as world absorbs shock of UK vote for Brexit -- AP
EU referendum: What next for the world's central banks? -- BBC
Top U.S. financial regulators to discuss 'Brexit' by phone on Friday -- Reuters
Sterling pares losses after hitting 31-year low on Brexit -- Reuters
Bank of England tries to calm markets as pound and shares plummet -- The Guardian
UK interest rate 'likely to hit zero' following Brexit -- BBC
Moody's cut UK's credit outlook to 'negative' -- BBC
Banking giants consider moving thousands of jobs out of Britain after Brexit vote as big businesses warn of a profits slump -- Daily Mail
Brexit cost to the UK: What has happened to sterling, stocks and gold? -- The Independent
Crisis or speed bump? What UK vote means for economy sectors -- AP
Brexit vote leaves UK on brink of recession, economists say -- The Guardian
US Evaluating Impact of Brexit on TTIP Free Trade Deal -- Sputnik
Surprise Brexit vote unleashes scramble for dollars -- Reuters
The British Brexit vote is awful news for China -- Quartz
BRICS react cautiously to Brexit -- Brics Post
‘Brexit’ Marks Final Nail in Coffin for Stalled U.S.-E.U. Trade Deal -- Gcaptain
Brexit complicates global trade picture -- Market place
Brexit: What does it mean for Asia? -- Karishma Vaswani, BBC
Brexit: Five key areas to watch on the economy -- Jonty Bloom, BBC
Brexit’s Real Impact Would Be Gradual and Global -- Greg Ip, WSJ
Market reaction to Britain's leave vote: it could have been worse -- Nils Pratley, The Guardian
Some Early Signs of ‘Brexit’ Upheaval -- Jack Ewing, NYT
Why Brexit is grim news for the world economy -- The Economist