President Obama had said before Brexit that the UK would “go to the back of the queue” when it came to trade negotiations. But 3 days after the vote he said: “One thing that will not change is the special relationship that exists between our two nations – that will endure.” – and US politicians queued up to promote a trade deal with the British!
2016 UK growth forecasts from banks who previously warned of Brexit disaster have already been revised upwards: Barclays increased its forecast from 1.1% to 1.5%, Citigroup 1.3% to 1.7% and Commerzbank from 1.2% to 1.6%. The UK’s unemployment rate remained at 4.9%. The ONS figures also showed the number of people on the claimant count in July – the first month since the Brexit vote – was 763,600, down 8,600 from June.
Persimmon reported 17% increase house reservations in the 7 weeks since the Brexit vote in June. The house builder Bovis Homes saw a 15% increase in profits for the first half of 2016 and commented in August that “The market does not indicate any negativity it feels like a normal market” (Bovis builds 3/4 of its homes in the south of England – where most voters voted to “remain in the EU” – so they obviously did not believe their own propaganda!)
Travel researcher ForwardKeys said Brexit had had an “immediate, positive impact” on tourism to the UK with bookings from Hong Kong up by 30.1%, from the USA up by 9.2% and up 5% from Europe.
The August Lloyds bank survey showed that Britons’ public confidence in their personal finances showed the highest level since 2011 and the June to July increase in UK retail sales was 1.4% with the annual rate up by 5.9%. Retail sales in August climbed to a 6 month high with the balance of retailers orders rising +9% when economists (those wise City types who manage your pensions and savings!) had predicted 0% !
Barclaycard said that spending in restaurants, pubs and cinemas had also increased in the month following the vote to leave the European Union and the Society of Motor Manufacturers and Traders said that “UK car production in 2016 is booming”. In July it rose 7.6% compared to July 2015 with the domestic market up 14% and exports up 6%.
As a result of these excellent trading conditions UK public borrowing for the April to July quarter was 11.3% lower than a year earlier at £1,604.2bn, equivalent to 82.9% of GDP – down from 84% in June.
FOREIGN BUSINESS CONFIDENCE IN THE UK
In August, on the back of excellent foreign investment figures for the UK, the US aircraft manufacturer, Boeing, picked the UK as its new European headquarters! A spokesman said: ‘Boeing has a long-standing relationship with the UK and it is a critical market for the company.’
The eurofanatic CBI reported that UK manufacturers had the best export orders for 2 years.
BUT CONFIDENCE IN GERMANY FALLS
And what of the EU which the UK has now abandoned? Business confidence in the EU’s biggest economy, Germany, fell unexpectedly after the UK Brexit vote. The Ifo business confidence index, based on about 7,000 company responses, suffered its steepest monthly fall in more than four years and took the index to its lowest since December 2014. Car manufacturers in Germany have been laying off workers – no wonder German industry is begging for a fair free trade deal with the UK! Merkel (50% of Germans say she should resign!) will be forced to do a deal with Brexit Britain.
Those pro remain politicians and businessmen – and the foolish who believed their anti British propaganda – have been confounded. Britain is doing extraordinarily well as the EU itself – and even its economic engine, Germany, are in real trouble with one German politician talking of the “end of the EU”.
It was unforgivable to talk down the British economy during the Brexit debate – with even the Governor of the Bank of England being a source of grotesque attacks on our ability to survive economically if we dared to vote for our own democratic sovereignty.
There will not be a second vote on Brexit. But if there were the people would not forget the disgraceful behaviour of those who attacked Britain and the British.