Friday, 6 January 2017

Britain has world’s strongest economy 6 months after Brexit vote

"I think people in this country have had enough of experts,'" said Michael Gove during the referendum campaign. 

This made the expert class very sneery indeed, but it turned out that Mr. Gove was right and, what's more, the people were right.

Andrew Haldane, chief economist at the Bank of England, said yesterday that the failure to predict the 2008 crisis and the prediction of a crisis if Leave won the referendum were Michael Fish moments. This is a reference to the famous BBC weather forecaster who promised there would be no hurricane hours before one happened in 1987.

Britain ended last year as the strongest of the world’s advanced economies with growth accelerating in the six months after the Brexit vote. 
Funny old world, isn't it?

The British economy grew by 2.2 per cent last year — more than the six other leading nations, including the US, Germany and Japan. 

Far from a deep recession ensuing after Leave won, as the Treasury and the Bank of England had predicted, growth improved very slightly in the last two quarters of 2016 compared with the first half of the year.

Tom Cain made this acute comment.
It is not just that the Leave campaign won the vote. It is winning the intellectual, economic and political argument. It is a Remainer fantasy that theirs is the voice of those who really understand what is going on, who appreciate the issues, who have a depth of insight and a cosmopolitan breadth of outlook that all the poor, old, thick, xenophobic Brexiteers lack. 
Opinions in Britain about Brexit do not seem to have changed much since the vote. Or, rather, quite a few people wish they had voted the other way, but Leave and Remain voters who have changed their minds have roughly cancelled each other out. 

The latest YouGov poll asked 'Was Britain right or wrong to vote to leave the European Union?' and found:

Right 47% (+3)

Wrong 43% (-1)

This is very interesting. The Remainers have failed to regain their hegemony.

And now, on top of the referendum result, we have President-elect Trump. 

The world that existed before 23rd. June 2016 has gone forever.


  1. Yes, yes! It is irritating in the extreme to be told, repeatedly, that we did not really know what we were voting for. Alan Johnson, as recently as last Friday, said that 'the British people did not vote to leave the free market'. Yes. We did!

  2. People voted to leave the EU. End of, as they say.