Apocalypse when?

By January 6, 2018February 18th, 2021No Comments

The truth is that Britain is on a roll after Brexit and has emerged as the most robust economy in the industrialised world, writes ALEX BRUMMER


6 January 2017

Whenever one points out to the pro-European economic sages and bosses who dominate Britain’s boardrooms that British output has not collapsed since Brexit, the loud riposte comes back ‘it hasn’t happened yet’. This is an extraordinary rewriting of history.

The immediate shock of a Brexit vote was, we were told, likely to be very, very bad – with a slump in investment, a recession, surging unemployment and the need for an emergency budget involving at least another 2p on income tax. It was all hooey.

As the Bank of England’s top economist Andrew Haldane acknowledged yesterday, the experts not only failed to predict the financial crash – he called this their Michael Fish moment, in a reference to the popular Met Office weatherman getting his forecast so wrong over the Great Storm of 1987 – but they had also been too gloomy over Brexit.

The reality is that Britain is on a tremendous roll. The nation has emerged from the Brexit vote as the most robust economy in the industrialised world.

The FTSE 100 index of top companies has hit a series of new records since the turn of 2017, and key surveys of British business released over the past few days show that the engine shows no sign of hitting the buffers – despite relentlessly dismal predictions from gloomsters.

Those who warn Brexit hasn’t happened yet are beginning to look very foolish indeed: for what exactly are they predicting will happen on the day that Article 50 is invoked or, in a worst case scenario, talks on leaving the EU break down?

The truth is that neither event will cause the sky to fall in – consumers are not suddenly going to stop spending, and the Germans will not immediately stop shipping upmarket cars and SUVs to British showrooms.

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