The Bank of England’s chief economist says forecasters got it wrong when they predicted a sharp economic downturn if Britain voted to leave the European Union.
Andy Haldane says the country’s strong economic performance since the June referendum has been a surprise, and the economic forecasting profession “is to some degree in crisis.”
Before the referendum, many forecasters said a vote to leave the EU could cause the pound to fall by as much as 20 percent and push the economy back into recession.
The pound did plummet, but other economic indicators remain strong.
Speaking Thursday at an Institute for Government event, Haldane said it was impossible to predict how the economy would fare after Britain leaves the 28-nation bloc, because that depends on two years of complex exit negotiations.
The Associated Press contributed to this article.
Next, we will be told that ursine creatures have been known to defecate in arboreal settings and the current successor of St Peter is a member of the Roman Catholic faith.
People are going to buy things regardless of what alliances their nation is a member of. Great Britain will do fine once they leave the European Union.
The Brits were sick of the open borders created by the EU and the resulting flood of immigrants who refused to assimilate. They hoped to stop it before Britain was no longer recognizable as Britain. The economic ramifications were secondary.
Actually the EU immigrants assimilate very well, the non-Europeans do not assimilate
Yes Europe had 43 years with Britain in the European community. St no time was Britains needs taken seriousely. Then when we attempted to gain control of our borders a year ago they refused. Britain gave them 1 year or face a referendum they still refused. Britain is 4th largest military force and 5th largest economy. Britain also has a Queen representing British Commonwealth of 53 countries with 2.5 billion people, one third of the worlds population. Does Europe aspire to this?
More globalist baloney.
anything the 1% tell you is pure sh*t, getting closer to the time that GUILLOTINES will be the solution