Moody’s paints a gloomy picture for the prospects of the Brirish economy after its decision to ditch the EU and go its own course. In a report released, the credit ratings house says the Brexit will have a negative impact on investor confidence and lead to a drop in capital flow into Britain, while consumer expenditure is also predicted to fall. Moody’s projects the growth rates of the UK for the following years will drop compared to initial per-Brexit forecasts, as it is estimated to be 1.5% in 2016 and 1.2% in 2017, instead of 1.8% and 2.1&, respectively. The Eurozone will feel the repercussions of the Brexit, as the agency forecast a growth rate of 1.5% in 2016 and 1.3% in 2017, from the initial 1.7% and 1.6%, for the respective years. The report stresses that the EU will manage to avoid any immediate consequences from the development as the union is exposed to a limited degree to any direct financial and trade agreements. ‘A downward risk for global growth does stem from the possibility of a recession in the UK, but the possibility that the developments in the UK would result in an increased political risk in the EU’, says the report.