Bloomberg: Economists Expect Brexit Outcome Will Result In U.K.'s First Recession Since 2009 - iShares MSCI United Kingdom ETF (ARCA:EWU), SPDR S&P 500 (ARCA:SPY)

The Bank of England isn't worried that June's Brexit voting outcome will have a negative impact on the country's economy. However,

economists surveyed by Bloomberg most certainly are concerned.

According to economists surveyed by Bloomberg, the likelihood of a looming recession in the country now stands at more than 40 percent — the highest reading since at least June 2012 and more than double from 18 percent prior to the Brexit vote.

Economists are also predicting a 0.1 percent decline in the country's gross domestic product in 2016. Similarly, economists were predicting a 0.6 percent expansion ahead of the Brexit vote.

A declining GDP would mark the end to three years of unbroken growth.

Meanwhile, the Bank of England will gather in early August and may introduce new stimulus initiatives for the first time since 2012, and a rate hike decision isn't off the table either.

With three hours of trading remaining, England's FTSE 100 index was trading lower by 0.44 percent. The country's currency, the British pound, was also trading lower by 0.15 percent at $1.3188 U.S. dollars — not far removed from the multi-decade low of $1.2798, which was seen shortly after the Brexit vote.

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