• Home
  • About
  • Contact
  • Sports
  • World
  • UK
  • Technology
  • Entertainment
    • Celeb
    • Showbiz
  • Politics
  • Travel
  • Uncategorized
  • Home
  • About
  • Contact
  • Sports
  • World
  • UK
  • Technology
  • Entertainment
    • Celeb
    • Showbiz
  • Politics
  • Travel
  • Uncategorized
  • Twitter

  • RSS

Business

The death of experts: 66% of Brexit-bashing economic forecasters admit they got it wrong

The death of experts: 66% of Brexit-bashing economic forecasters admit they got it wrong
admin
January 5, 2017

But, apparently undeterred by the facts staring them in the face, the very same people are STILL warning that Brexit will still damage the country's long-term prospects.
About two-thirds of economists surveyed by the Financial Times at the start of 2016 warned a vote to leave the EU would damage the UK's short-term output.
The ‘respected’ experts predicted that uncertainty would block household spending and business investment, leading to a downturn.
The Treasury, Bank of England and the International Monetary Fund (IMF) were also among the economic elite that participated in financial scare-mongering over a Leave vote, including a stock market and house price crash.
In fact, spending has surged since the referendum and key segments of the economy reached multi-year highs in expansion.
Britain's stock markets have also reached record highs, while house prices continue to surge.

Kevin Dowd, member of Economists for Brexit group, said: “This latest review of dismal economic Brexit forecasting comes as no surprise, given that the overwhelming majority of economists and supposedly respected bodies have been proven spectacularly wrong on the short-term impacts of Brexit.
"Mostly, these forecasts were based on the poorly-evidenced effects of supposed policy ‘uncertainty’ and expected lower growth potential outside the EU.
"As it turned out, the economy had a strong head of steam going into the vote and a positive recovery in the weeks and months following, with GDP figures in particular demonstrating that uncertainty has not undermined economic performance.
"What is most concerning is that these very same economists appear to be wedded to a set of forecasts which see the UK economy shrinking in relative terms over the long-term, based on flawed models and entirely misleading assumptions."
In further evidence that scare-mongering experts were wrong, economic growth jumped to 0.6 per cent in the third quarter of 2016 - the three months immediately following the vote.
This compares to growth of 0.2 and 0.6 per cent in the first quarter and second quarters, respectively.

The most recent data indicates that fourth quarter growth will be at a similar level of around 0.5 per cent.

Output in the all-important service sector, which accounts for around 75 per cent of Britain's economy, reached it's highest level in 17-months in December.
At the same time, manufacturing expansion reached a two and a half year high.
The experts will be proved wrong again, according to establishment critics who say Britain's economy can continue to power through Brexit negotiations after Article 50 is triggered.
John Redwood, chief global strategist at Charles Stanley, said: “Many UK economists have been forced to eat their words following incorrect forecasts last year.
“These economists are predicting yet more gloom for 2017 despite evidence to the contrary."

The majority of experts are forecasting a slowdown because they believe rising inflation will slow spending and Brexit uncertainty will kick-in to hurt business investment.
But Mr Redwood said: "We disagree with these forecasts and are optimistic about growth this coming year.
"Firstly, we believe that the rise in inflation will be limited and incomes will rise.
"As a result, retail sales will continue to increase, bolstered by the competitive world goods market.
"This, in turn, will lead to the more pessimistic large companies investing more inwardly to keep up with the buoyant UK consumer.
“The UK is still the fastest-growing major advanced economy in the world alongside the USA.
"If Trump cuts taxes and spends more as he has promised, the stronger US economy will boost the UK. So let’s hope the forecasters cheer up a bit and start getting their predictions right for a change.”

Original Article

Related

Related Items
Click to add a comment

Leave a Reply Cancel reply

Business
January 5, 2017
admin
Related Items

More in Business

  • Read More
    What is the bitcoin and why has it reached a record high?

    AFTER Bitcoin reached a record high this week, here is what you need to know about the...

    admin January 5, 2017
  • Read More
    ‘FAIR COP!’ Bank of England expert makes astonishing admission on Brexit forecast failings

    THE Bank of England was WRONG about the short-term impact of a Brexit vote - but is...

    admin January 5, 2017
  • Read More
    CHUMPS! Two out of three economic forecasters admit they got everything wrong

    BRITAIN'S booming economy has humbled top economists, as it is revealed how epically wrong so-called experts were...

    admin January 5, 2017
  • FTSE 100 hits new RECORD high as Britain’s Brexit economy boom continues

    Britain’s top share index crept up by about 0.3 per cent to reach 7,211, indicating fresh confidence in the UK's biggest companies as Britain gears up to leave the European Union (EU). The index was boosted by Persimmon's latest trading update this morning, which added to the picture of Britain's positive economic...

    admin January 5, 2017
  • City news: Cash machines, B&M, housebuilding and Aggreko

    The Competition and Markets Authority has given Mastercard a week to address reservations that the deal will restrict the number of companies able to provide systems to Link, which operates over 70,000 hole-in-the-wall machines. The CMA’s Andrea Coscelli said: “It’s important Link has a good choice of providers when it comes to...

    admin January 5, 2017
  • Bhuti’s one-stop service sets new standard for day spas

    One-stop wellbeing is the core of yoga teacher Trinder’s business, a light and airy 5,000 sq ft space in leafy Richmond, south west London. Gyms, health food cafes and beauty salons can be readily found in UK cities and towns, but rarely all together, she explains. “Bhuti offers a yoga and Pilates studio, workshops...

    admin January 4, 2017
  • EU CRACKS DEEPEN: Germany and ECB set for showdown as inflation soars to four-year high

    The cost of living jumped to 1.1 per cent last month, almost double November's 0.6 per cent, as measured by official European Union data office Eurostat. Prices across the bloc are now rising at the fastest pace since September 2013. But Germany saw a much higher rise in price inflation at a hefty...

    admin January 4, 2017
  • Euro collapse by 2022: Member state WILL leave currency within five years, experts say

    Political turmoil and a growing backlash against Brussels is set to weaken the bloc's currency in 2017, according to a survey of economists, strategists and fund managers by investment firm Hargreaves Lansdown. And a member state is set to leave the bloc within the next five years, half of those polled believe...

    admin January 4, 2017
  • Next share price PLUNGES 14 per cent after profits warning

    The fashion company said it is bracing for "tougher times" in 2017 as it warned profits for the year to January 2017 were expected to fall by around 3.6 per cent, and sales and profits would remain under pressure in a "challenging" year ahead. The high street stalwart said sales in the 54...

    admin January 4, 2017
Scroll for more
Tap

Meta

  • Log in
  • Entries RSS
  • Comments RSS
  • WordPress.org

NewsExplored - Bringing the you the latest news to "Explore"

Copyright © 2014 Top News Theme. Theme by MVP Themes, powered by Wordpress.

FTSE 100 hits new RECORD high as Britain’s Brexit economy boom continues
‘FAIR COP!’ Bank of England expert makes astonishing admission on Brexit forecast failings