Treasury, Bank of England and IMF Brexit forecasts proved wrong
THE Treasury, Bank of England and International Monetary Fund (IMF) are among the self-appointed anti-Brexit so-called economics experts who keep getting their forecasts WRONG. The IMF were among the institutions that forecast an economic disaster if Britain voted to Brexit
Establishment institutions, as well as global investment banks, issued united and terrifying warnings of economic disaster if Britain opted out of the European Union (EU), in an effort to sway the public into voting to Remain.
Yet figures released yesterday showed booming Britain’s economy grew by 0.5 per cent in the three months after the vote, providing the crowning piece of unarguable evidence that the vote to leave did not negatively impact the UK.
The Treasury, under the leadership of George Osborne, had predicted Britain would fall into immediate recession after a Brexit vote, with GDP coming in at -0.1 per cent in the third quarter of 2016.
But yesterday the Treasury admitted the claim had been based on GUESSWORK which turned out to be wholly ill-informed.
Despite the rank amateurism and inaccuracy of almost all forecasts since Brexit a negative report on Britain’s economic competence – and since Brexit they have almost ALL been negative – risks serious harm to the welfare of the nation.
The IMF said Brexit could reduce the UK economy by as much as 9.5 per cent, and added that Britain could expect “sizeable” long-term losses in income.
Head of the IMF Christine Lagarde had the audacity to say she could not see ANYTHING positive to come from leaving the EU and an exit could have “particularly severe” consequences.
Ms Lagarde added that interest rates could also rise sharply in the event of leaving Europe, which would negatively impact on households with high debts.
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