Moody's, an international credit rating agency, has downgraded the UK's rating once more. They had already reduced our rating from AAA (the top rating) to AA1, they have now cut it to AA2. S&P, another large agency, has already demoted our credit-worthiness by two places, from AAA to AA, and a third major credit rating agency, Fitch, has also downgraded us to AA.
The reasons for these downgrades are concerns over Brexit's economic effect, the lack of clear government policies and a weak prime minister.
Meanwhile, the Office for National Statistics has revised its estimate for net foreign investment, reducing it by £490 billion. This is due to two things - overseas companies reducing their investment in the UK and the ONS correcting an accounting error. Ignoring the correction, foreign investment is down £160 billion. Still a big chunk of change.
The reasons for the reduced investment are concerns over Brexit's economic effect, the lack of clear government policies, a weak prime minister and the likely loss of tariff-free access to the largest free market in the world.
This international loss of confidence in Britain's economic future is also the cause of the precipitous decline in the pound.
If the Brextremists really do want Britain to succeed then they should be the ones calling for firm government and insisting on a fast deal. That means they need to support Mrs May rather than undermine her, they need to disown Mr Johnson who has his own agenda and cares nothing for Britain's future, they need to accept (and even better - understand) the upfront cost of a good deal rather than the far greater cumulative cost of no deal.
Project Fear is now Project Nearly Here. If the Brexit headbangers refuse to change their script, if they insist on driving us into penury despite the warnings and the mounting evidence, then we have to ask what their real motives are.
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