Monday 14 August 2017

WHAT VOTE LEAVE SAID - About our credit rating

The CEO of Vote Leave, Matthew Elliot, produced a huge 1000 page tome in 2015 while working for the pro-Brexit lobby group Change or Go. It was a considerable work with a lot of contributors and I tend to think of it as the Leave campaign's bible. Masochists among you can see it HERE. At the end (starting on page 944) there was a helpful Q & A section and now, two years on, with the vote in the bag and negotiations underway, we can look back on what was said and compare it with reality. There is quite a difference in many cases.


 Q37: What would happen to Britain’s credit rating if we left the EU?

Mr Elliot's Answer: As the UK would no longer be subject to the extended liabilities of Eurozone countries, analysts might see it as a long-term gain – Eurozone countries are seen as far more of a liability. Limiting exposure to such economies can only bolster the UK’s credibility.

What actually happened?

Four days after the referendum on 27th June 2016, Britain lost its prized triple A credit rating HERE. We are now AA with a negative outlook.

This is how Brexit has "bolstered" the UK's credibility. I intend to run a series of these since Mr Elliot's efforts provide such rich pickings. Of course many of his claims cannot be tested yet but over the coming months and years we can look back to see how more of his promises panned out.