More downside for UK financial markets and the economy
A weaker sterling, with higher inflation: We think the pound sterling will likely weaken further as the illusion of a good deal fades. The Bank of England is unlikely to offer much help, both because it does not have the foreign-reserve fire power to defend its currency, and as the Bank will likely maintain an accommodative monetary stance to support growth in the face of rising inflation. A potential loss of reserve currency status would further hurt sterling, which currently makes up 4.5% of global FX reserves. With the UK importing nearly 46% of its energy and 50% of its food, a weaker sterling will lead to higher import-led inflation.

fades：消える
fire：砲撃
accommodative：要望に答える・適応する
FX reserve：外国為替準備金

A growing public deficit: Chancellor of the Exchequer Philip Hammond’s spring budget effectively ignored the consequences of Brexit, predicting a decline both in borrowing and debt-to-GDP by 2021. The budget is predicated on unrealistic expectations of declining unemployment, falling inflation and steady growth. The reality is that the government may need to increase fiscal spending to support the economy, leading to a further widening of the fiscal deficit, currently at -3.8% of GDP. 

public deficit：公共財政赤字
effectively：事実上
predicated：基づく

Lower consumer spending will hurt retailers: The Office for Budget Responsibility forecasts that UK household debt-to-disposable-income will rise from 143% in 2016 to 153% in 2022. This will likely result in households having lower disposable income, at a time of higher inflation. UK retailers are likely to be squeezed by lower revenues and higher costs due to import-led inflation. 

The Office for Budget Responsibility：予算責任局 - イギリス財政の持続性に関する検証と報告を行う機関

Negative real returns for savers: With the Bank of England likely to maintain low rates despite rising inflation, Britons will suffer from negative real returns on their savings, which are already precariously low. According to a study by Money Advise Service, over 16 million Britons have less than £100 in savings. The property market is unlikely to provide sufficient protection, with markets already showing cooling signs given lower demand from foreign investors. 

precariously：不安定に
Money Advise Service：金融管理局


depriciation：購買力の低下

An uncertain future
Brexit is a symptom of Britain’s deeply rooted economic imbalances: a growth model too concentrated on finance and services and dependent on foreign goods, human and financial capital; record-high social and wealth inequality; a lack of investment in infrastructure and education; and monetary and fiscal policies that have helped create a property bubble and excess household debt. 

record-high：過去最高の

In their attempt to create a fairer and more equal country, Britons sought to sever ties from what they saw as a weakened partner. The reality is that Brexit will likely make Britain weaker and, ironically, is making the EU stronger.

sever：断つ

イギリスの成長モデルは今まであまりに金融とサービス業に集中してきていて、また、外国製品、人材、金融資本に依存していて、社会福祉においても豊かさにおいても過去最大の不平等であり、インフラや教育に対しての投資が欠如しており、金融財政政策においては不動産バブルや一般家庭の債務の過多を招いてきている。こうした状況にあって、イギリスはますます弱体化していく一方で、EUは逆により強くなっていくだろう。

彼が言っていることはおおげさではないし、的を得ている。どうあがいても、」イギリスに歩がないのは明らかなのだが、物事が動きだしてしまうとそのモメンタムを制御できない事がよくあるが、今回もそのとおりだ。論語に次のような言葉がある。