Wednesday 28 November 2018

The truth is out

Today, the Treasury released its impact assessment of the various flavours of Brexit, and as expected, te figures were as bad as had been previously leaked. Of course, this did not stop Brexiteer lining up to denounce "experts". But if we don't trust them, then what, all based on faith and worship the sun and rain gods?

"Official figures say the UK economy could be up to 3.9% smaller after 15 years under Theresa May's Brexit plan, compared with staying in the EU."

"But a no-deal Brexit could deliver a 9.3% hit, the new estimates say."

"The estimates do not put a cash figure on the potential impact on the economy, but independent experts have said that 3.9% of GDP would equate to about £100bn a year by the 2030s."

Who would have thought that putting barriers in the way of trade would be more expensive? Just about every trade expert and economist you might like to ask.

This is common sense, and something I have pointed out on these pages, that it is not tariffs to be worried about, it is non-tariff barriers; rules and regulations and standards. And these change. Or can change.

As I have also said.

It is like being stuck in some kind of Kafkaesque novel, where each path offers nothing but more pain and suffering.

There is a way out, only the leaders of the two main parties have both ruled a no brexit out. At least if they are in power.

And today, The Government reneged on its promise to publish its own sourced legal opinion on the A50 notification, increasing speculation that whatever promises the UK might make in the WA it is not going to honour.

How did this country get to be so crap and cruel so damned quickly? And this just in from the Bank of England, their forecast of the effects of a "disorderly Brexit"

• Britain's GDP drops 8%

• House prices plunge 30%

• Commercial property falls 48%

• Pound slides 25%, beneath $1

• Unemployment rises to 7.5%

• Inflation accelerates to 6.5%

Turns out the Government's own figures were massaged as to include the assumption that the UK would quickly sign 17 trade deals. Not if the UK is aligned with the EU it won't.

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