Premium

No, Brexit hasn't made the economy £60 billion smaller than if we'd voted to Remain

A large computerised display of the Brit...A large computerised display of the British FTSE 100 index is pictured in London, on September 8, 2008. The London Stock Exchange said Monday it had been forced to halt trade after experiencing connectivity problems with some clients. "There was a connectivity issue this morning which affected some clients so we have suspended connectivity in order to bring it back in a controlled fashion," an LSE spokeswoman told AFP. At its suspension the FTSE 100 showed a gain of 3.81 percent at 5,440.20 points. AFP PHOTO/Shaun Curry (Photo credit should read SHAUN CURRY/AFP/Getty Images) 

The IFS's calculations are spurious at best

Another day, another economist trying to rewrite history to convince us that yes, all those forecasts of immediate doom if Britain voted to leave the EU were on the money after all. On the Today programme yesterday, Paul Johnson, director of the Institute for Fiscal Studies (IFS), made the ear-catching claim that the UK economy is now £60 billion smaller than it would have been had we voted to remain in the EU – a claim which went unchallenged.

The IFS tends to avoid making specific forecasts but this figure could be said to coincide with what Johnson wrote a fortnight before the 2016 referendum: “the immediate impact could be seismic… In the short...

To continue reading this article

Start a 30-day free trial for unlimited access to Premium articles

  • Unlimited access to Premium articles 
  • Subscriber-only events and experiences
  • Cancel any time

Free for 30 days

then only £2 per week

Save 25% with an annual subscription

Just £75 per year

 

Register for free and access one Premium article per week

Only subscribers have unlimited access to Premium articles.
Register for free to continue reading this article
Or unlock all Premium articles.
Free for 30 days, then just £1 per week