Roger Bootle and other economists for Brexit always think the EU and the Euro are both finished while Brexit will unleash the British economy. He wrote an article (HERE) this weekend on this very topic. He is one of those economists who can't accept any forecast that doesn't show Brexit will be a success. I hope one day when the impact of Brexit is clear that I can write to him and point out where he was wrong.
Unfortunately for him, it turns out all the indicators are pointing the wrong way. The Eurozone is starting 2018 in the best shape for more than a decade (HERE). An economist at ING, Bert Colijn, said, “The optimism reflects the strong economic upturn that the euro zone is experiencing, which continues to be broad-based and is set to continue in the months ahead,”.
“Backlogs of work are increasing, job creation is historically very strong and new orders continue to pour in. This makes for a rosy growth outlook.”
Meanwhile the UK service sector hit a 16 month low (HERE) according to IHS Markit, purchasing manager's index, the same system predicting rosy growth in the Euro Zone. Mr Bootle won't mention this or if he does he will rubbish it because it doesn't agree with his opinion.
Meanwhile credit ratings agency S & P Global, say if there's a disorderly Brexit our credit rating will be downgraded further (HERE). All going well then?
