Market intelligence and credit rating agency Standard and Poors has released a report claiming that if Britain “crashes” out of the EU – ie, leaving without a deal and on our own terms – we’ll experience an “immediate” recession, spiking unemployment, and inflation.
The report suggested that a No Deal Brexit could even lower the economy’s long-term growth potential, in a new scare that sounds like something right out of Project Fear’s 2016 playbook. They say we’ll see a 5.5 per cent decline in Britain’s economy over a period of three years, with much of the loss being permanent. It also suggests that the British economy will shrink by 1.2 per cent overall, leaving behind a potential of 1.3 per cent growth if we stayed in the European Union.
Is anyone believing this? Even the Treasury’s own prediction in the run up to the Brexit referendum were wrong – and they weren’t wrong by a small margin. In fact, former chancellor George Osborne’s predictions were blasted as a “giant error” and a “gross miscarriage of government” when it was revealed they were wrong by as much as £100 billion.
In fact, there was even a previous prediction made by Goldman Sachs that Britain would experience a recession by 2017, simply by voting to leave the European Union. This was the same Goldman Sachs that donated £500,000 to the Remain campaign of course.
So forgive me if, yet again, I refuse to believe the lies being peddled here. This is a particularly weak attempt at scaring the British people, again.
Predicting recessions is so 2016. They should be predicting Theresa May having a mental breakdown, or Boris Johnson taking inspiration from Cromwell and becoming the new Lord Protector of Britain. I could probably take those predictions more seriously.