18 September 2018

The Cassandra of the IMF


We're all doomed, as my compatriot Private Frazer was wont to say.  The Guardian  reports:
The UK economy would rapidly start to contract in the event of a disruptive exit from the EU next spring, according to a stark International Monetary Fund report that highlights the recession risks of a no-deal Brexit.
Christine Lagarde, the IMF’s managing director, added that there would be costs to the UK under any outcome that involves leaving the EU.
Expressing the IMF’s growing concern at the possibility of an acrimonious divorce next March, Lagarde said: “If that happened there would be dire consequences. It would inevitably have consequences in terms of reduced growth, an increase in the [budget] deficit and a depreciation of the currency.
“In relatively short order it would mean a reduction in the size of the economy.”
Cassandra's problem was not that her prophecies were untrue; it was that nobody believed them.

 
   

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