71% of Economists Will Be Proved Wrong About Brexit

The above survey by Bloomberg was published on June 29, 2016, just 6 days after Britain voted for Brexit. It is a survey of the City’s leading economists, some of the highest paid brains in Britain. 71% of them predicted Britain would go into recession in 2016. Goldman Sachs and Bank of America Merrill Lynch both said that the UK’s GDP would move dramatically negative, dropping 2.5% almost immediately. The only difference of opinion within the 71% was how soon it would come. Barclays claimed that Britain’s economy was already contracting…

All this is going to be proved wrong. The UK economy will probably grow by a respectable 2% or thereabouts this year, a rate many €urozone countries look at enviously. Is there a single City economist still willing to bet Guido £1,000 that by the end of this year Britain will be in recession?