BREXIT WILL BE A DISASTER - NOW ITS OFFICIAL

The Office for Budget Responsibility (OBR) has published an in-depth analysis of the fiscal risks facing this country and concludes there are two main risks that we face: Brexit and a fresh downturn (HERE). Personally, I think Brexit itself will provoke a fresh downturn so I would say there is just the one risk, Brexit.

The analysis says the size of the so-called divorce bill is insignificant - it will have little impact on the public finances - but if Brexit causes just a 0.1% slippage in productivity there will be an annual £36 billion deficit in tax receipts by 2050. Bear in mind that BoJo says the bill is extortionate and the EU should whistle.

Also, the OBR say the public finances are now in a worse  shape than they were in 2007 before the crash. The PSBR is set to increase this year from 2.4% to 2.9% and if the government cannot reduce spending as much as it hoped because of the election result, this is likely to continue to grow. If revenues fall as the economy slows the risks are even greater.

The Guardian (HERE) say the Tories didn't fix the roof while the sun was shining.