Britain is Booming!

Brexiters might point to the FTSE’s record rise as a sign of strength post the vote for BREXIT. Yet this is very much a story of sterling weakness boosting foreign earnings – which account for around two-thirds of the FTSE 100 revenues.

At the same time the FTSE is hitting a new all time record (although it is 6% down this year, when priced in US dollars.) attention should be focused on a leaked government papers suggesting that leaving the European single market would cause GDP to fall by up to 9.5% compared with staying in the EU. Compare that to the GDP collapse post the great recession which was just a little of 5% and you get some idea of how damaging civil servants view BREXIT.