So what happened to the post-Brexit economic disaster?
We were told that if we voted for Brexit then the economy would tank immediately. Instead it is stronger than ever. So it looks like all that doom-mongering was a just Project Fear fantasy, right?
Well, first of all remember that Mr Cameron said that if Leave won then he would trigger Article 50 immediately. Economic projections were made on that basis. Article 50 still has not been triggered (though you would have thought we had already left from the way some people go on, and even 'quality' newspapers talk about us being 'post-Brexit' - err, no we aren't, and we won't be for another two years).
Secondly, there have been effects already - we haven't even started to leave and already the pound has dropped like a stone (not a kilogram, note - get used to Imperial again: pecks, bushels, grains, pains and groans). Down around 19% since the referendum. HSBC have released their Brexometer which says 'diamond-hard' Brexit will leave the GBP at 1.1 USD (we are already down at 1.2 USD from 1.5 USD, so not much further to fall at least).
However we haven't really felt it yet in the UK as many importers insured themselves against exactly this. These 'hedges' are starting to run out. For example, What Car magazine reports that SUVs now cost 12% more than before the referendum.
Remember this is just the exchange rate - nothing else. Using the Brexometer the worst case for this single effect will be import prices going up by about a third - but then 33% is quite a rise given how much we import, especially food. Just check your local supermarket's Country of Origin stickers.
With 19 million people earning less than the minimum income standard even a small increase in inflation can spell disaster as they have little spare money, and a large proportion of their income goes on necessities such as food. Mrs May's JAMs are indeed being singled out by her - they will sink first.
We were told that if we voted for Brexit then the economy would tank immediately. Instead it is stronger than ever. So it looks like all that doom-mongering was a just Project Fear fantasy, right?
Well, first of all remember that Mr Cameron said that if Leave won then he would trigger Article 50 immediately. Economic projections were made on that basis. Article 50 still has not been triggered (though you would have thought we had already left from the way some people go on, and even 'quality' newspapers talk about us being 'post-Brexit' - err, no we aren't, and we won't be for another two years).
Secondly, there have been effects already - we haven't even started to leave and already the pound has dropped like a stone (not a kilogram, note - get used to Imperial again: pecks, bushels, grains, pains and groans). Down around 19% since the referendum. HSBC have released their Brexometer which says 'diamond-hard' Brexit will leave the GBP at 1.1 USD (we are already down at 1.2 USD from 1.5 USD, so not much further to fall at least).
However we haven't really felt it yet in the UK as many importers insured themselves against exactly this. These 'hedges' are starting to run out. For example, What Car magazine reports that SUVs now cost 12% more than before the referendum.
Remember this is just the exchange rate - nothing else. Using the Brexometer the worst case for this single effect will be import prices going up by about a third - but then 33% is quite a rise given how much we import, especially food. Just check your local supermarket's Country of Origin stickers.
With 19 million people earning less than the minimum income standard even a small increase in inflation can spell disaster as they have little spare money, and a large proportion of their income goes on necessities such as food. Mrs May's JAMs are indeed being singled out by her - they will sink first.
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