Bank of England Rubbish Osborne’s Brexit Fibs

osborne balls

George Osborne’s claims that voting to Leave would cause interest rates to rise and a year-long recession have been demolished by the Bank of England. Osborne’s Treasury forecast of the two years following a Leave vote predicted GDP at between -3% and -6%. Today’s Bank of England numbers forecast GDP unchanged at 2% for 2016, dropping to 0.8% in 2017 and rising again to 1.8% in 2018. They have cut interest rates and said there will be no recession.

Osborne also claimed unemployment would rise 2.4 points to 7.3%. The Bank of England forecasts an unemployment rate of 5.6%. This is what the Treasury was threatening:

osbo

The Bank of England now say this was all nonsense. Final proof the Remain campaign were fibbing all the way to the ballot box…




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Quote of the Day

Dominic Raab wrote in his letter of resignation…

“This is, at its heart, a matter of public trust,” he told the PM, concluding: “I cannot reconcile the terms of the proposed deal with the promises we made to the country in our manifesto at the last election… I believe that the regulatory regime proposed for Northern Ireland presents a very real threat to the integrity of the United Kingdom. I cannot support an indefinite backstop arrangement, where the EU holds a veto over our ability to exit…”

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