Courtesy of Mish.
Project Fear predicted economic meltdown if Britain voted leave. Where are the devastated high streets, job losses and crashing markets?
In other Brexit news, Sweden warns the UK about cutting corporate taxes. How should the UK respond? Who is in control?
What Happened to Promised Armageddon?
The Guardian reports Brexit Armageddon was a Terrifying Vision – but it Simply Hasn’t Happened.
Unemployment would rocket. Tumbleweed would billow through deserted high streets. Share prices would crash. The government would struggle to find buyers for UK bonds. Financial markets would be in meltdown. Britain would be plunged instantly into another deep recession.
Remember all that? It was hard to avoid the doom and gloom, not just in the weeks leading up to the referendum, but in those immediately after it. Many of those who voted remain comforted themselves with the certain knowledge that those who had voted for Brexit would suffer a bad case of buyer’s remorse.
The financial markets are serene. Share prices are close to a record high, and fears that companies would find it difficult and expensive to borrow have proved wide of the mark. Far from dumping UK government gilts, pension funds and insurance companies have been keen to hold on to them.
City economists had predicted an immediate rise in the claimant count measure of unemployment in July. That hasn’t happened either. This week’s figures show that instead of a 9,000 rise, there was an 8,600 drop.
Pack of Lies Clearly Visible
Armageddon fears were purposely over-hyped from the beginning. Now reality has set in.
Project fear backfired. People can easily see what liars David Cameron and the nannycrats in Brussels were.
Project Remain: Where are the admissions “We were wrong?”
Worst Case Scenario for EU
