Mark Carney today forecast a 10% reduction in UK GDP growth this year and next year.
The fall in the £ against the $, continued uncertainty and the rise in inflation are combining to hit the economy. And what was the Leave campaigner’s reply – more Project Fear.
This isn’t Project Fear it’s Project Reality. After the dead cat bounce we had last year the reality is hitting but the Brexit ostriches keep on saying that it will be alright on the night. But economists are queueing up to forecast problems for the UK economy – the IMF said almost the same thing last week.
The problem is what if the economists are right? Who will the Brexiters blame then? The reality is that we are an insignificant dot on the north west coast of Europe – the sooner we realise that the better. Then we might be realistic about the cliff edge we are approaching.