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Illustration: Sarah Grillo/Axios

The latest Brexit extension takes the prospect of an economically calamitous "no deal" Brexit off the table until Jan. 31, but businesses remain in a state of very expensive limbo.

Why it matters: "It is hugely costly, in terms of money but also in terms of effort and energy. So much has been put into this process and into emergency 'no deal' planning that could have been used in other areas," says Catherine McGuinness, policy chair at the City of London Corporation.

  • While warnings of a "Brexit recession" following the referendum haven't come to fruition, the impact has already been felt — and Brexit hasn't actually happened yet.
  • "The real implications will play out over time," says McGuinness, whose organization represents London’s powerful financial services sector. "But we’ve seen investments slow down, we’ve seen people put decisions on hold, and we hear about people having problems recruiting."

What to watch: “The big worry I have is we have an inconclusive election, and where does that take us? We can’t just keep going on this treadmill where no progress is made.”

  • Brexit will also not be over when it's over — the trading relationship between the U.K. and EU must still be negotiated, and more deadlines loom in 2020 and beyond.
  • McGuinness points out that Switzerland, which isn't an EU member, has been in a "constant state of negotiation" with the bloc for years.

The bottom line: McGuinness is confident London will remain a global financial center after Brexit. But she worries that the economic pain that comes along with it will make it even harder to "put back together this rather fractured society."

Go deeper

Wall Street wonders how bad it has to get

Illustration: Aïda Amer/Axios

Wall Street is working out how bad the economy will have to get for Congress to feel motivated to move on economic support.

Why it matters: A pre-Thanksgiving data dump showed more evidence of a floundering economic recovery. But the slow drip of crumbling economic data may not be enough to push Washington past a gridlock to halt the economic backslide.

2 hours ago - Health

Moderna to file for FDA emergency use authorization for COVID-19 vaccine

Photo illustration by STR/NurPhoto via Getty Images

Moderna announced that it plans to file with the FDA Monday for an emergency use authorization for its coronavirus vaccine, which the company said has an efficacy rate of 94.1%.

Why it matters: Moderna will become the second company to file for a vaccine EUA after Pfizer did the same earlier this month, potentially paving the way for the U.S. to have two COVID-19 vaccines in distribution by the end of the year. The company said its vaccine has a 100% efficacy rate against severe COVID cases.

The social media addiction bubble

Illustration: Annelise Capossela/Axios

Right now, everyone from Senate leaders to the makers of Netflix's popular "Social Dilemma" is promoting the idea that Facebook is addictive.

Yes, but: Human beings have raised fears about the addictive nature of every new media technology since the 18th century brought us the novel, yet the species has always seemed to recover its balance once the initial infatuation wears off.