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Express: Leave Means Leave report shows UK economy is GROWING

Date: 08 01 2018

Leave Means Leave report shows UK economy is GROWING

SCAREMONGERING claims made by Project Fear during the referendum campaign have been debunked in a report.

The Brexit “myths” include those made by the respected International Monetary Fund (IMF), the World Bank and the Organisation for Economic Co-operation and Development (OECD). 

The World Bank claimed that the UK economy would only grow by 1.2 per cent in 2017 when it actually grew by 1.8 per cent. 

Similarly, the IMF and the OECD incorrectly said the UK economy would grow by 1.5 per cent. 

All three international organisations played a central role in the Remain campaign’s “Project Fear”. 

Another major Remain backer, investment banking giant Goldman Sachs, speculated that sterling would fall from $1.25 to $1.14 in 2017.

Again, they were proved wrong as sterling rose to $1.35, according to the report by Leave Means Leave. 

The pro-Remain CBI – which refuses to reveal its true membership numbers – made a series of ill-informed claims about the impact of Brexit. 

These included forecasting economic growth of 1.3 per cent in 2017 and predicting a fall in business investment when it actually increased by 1.7 per cent between the third quarters of 2016 and 2017. 

The CBI also claimed Brexit would cost nearly a million jobs, when employment has risen to its highest level since 1975. 

And it predicted that retail sales would slump in 2017 when the year-on-year growth rate shows the quantity bought has increased by 1.6 per cent.  

Commenting on the findings Leave Means Leave’s co-chair Richard Tice said: “It is extraordinary how far off the mark these organisations have been in their forecasts. 

“They have an army of well-paid experts charged with making fact-based economic estimations, yet their predictions have been wildly inaccurate. 

“Either they are simply incompetent, or it is a co-ordinated, deliberate and ongoing attempt to intimidate the British people and keep the UK in the EU through fear.” 

IMF head Christine Lagarde bizarrely claimed at the end of last year that the international organisations’ predictions “actually turned out to be the reality of the economy” after claiming in 2016 that a Brexit vote outcome would be “pretty bad to very bad”.  

The report comes after leading Brexiteer John Redwood published a blog pointing out that Remainers had claimed the FTSE 100 would fall if Britain voted Leave, when instead it has risen strongly from 6138 on 24 June, 2016, to 7687 at the end of 2017. 

Mr Redwood, an MP and a former adviser to Margaret Thatcher, also pointed out that house prices, employment and economic growth had all risen “despite Brexit”.

It came after arch Remainer Tony Blair was ridiculed for suggesting Brexit was leading to staff shortages in the NHS when in fact official figures show the number of EU staff working for the health service has increased by 5.4 per cent.  

French President Emmanuel Macron has called for a united approach to the second phase of negotiations, warning Europe could split up over trade talks. 

Member states including Ireland and Hungary have already broken ranks calling for a comprehensive free trade deal with the UK. 

Theresa May is due to discuss Brexit with Mr Macron on his first official visit to Britain next week. 

January 7th, 2018: Express