For all the calamitous prophesies of Project Fear during the Referendum campaign, we’ve yet to see the bite behind the bark of many doom-mongering economists.
As Guardian economics editor, Larry Elliot, has suggested, “Some caveats are in order. It is still early days. Hard data is scant. Survey evidence is still consistent with a slowdown in the economy in the second half of 2016. Brexit may be a slow burn … But,” he adds, “in other respects, Brexit has been a help. It has forced the government to take a long, hard look at the British economy – something that would not have happened without the shock administered by the referendum. It’s brought home the fact that most of Britain feels disconnected from the economic story peddled by successive governments.” [Source: Guardian]
Perhaps renowned economist, Paul Krugman, was right to be “worried that the apparent consensus among economists was in some sense political rather than analytical: free trade good, breaking from Europe bad, therefore you don’t have to be careful in your arguments about exactly why it’s bad.” [Source: NY Times]