Brexit curbs the unfettered access of UK producers to the EU and reduces their ability to exploit the
division of labor and economies of scale. This will reduce the productivity of tradables in the UK.
According to the article, the effects of Brexit on the productivity of tradeables contributes to the
decline of the British pound. Based on the discussion in the article and the course material, why
would Brexit cause the pound to depreciate in real terms? 
According to the article, the first channel of Brexit
s effect on the pound
s exchange rate could be
beneficial for the UK. What are those potential benefits?