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Fancy That - Brexit Bloomers: No. 3

Call this advice?

“Britain will be plunged into a recession this year and be plagued with lower economic growth for another five years because of the shock decision for the UK to leave the EU, BlackRock analysts have said.” (The Independent, 13 July 2016).

It never happened. But the doomsayers’ club sticks together. “The world’s largest asset management company has hired former U.K. Chancellor of the Exchequer George Osborne as a part-time senior adviser. Osborne will be advising the BlackRock Investment Institute…which had $5.1 trillion (€4.8 trillion) in assets under management as of the end of 2016” (Politico, 20 January 2017)

Carney: oops…

“The Bank of England has given its starkest warning yet that a UK vote to leave the EU could hit the economy. Mark Carney, the Bank's governor, warned that the risks of leaving ‘could possibly include a technical recession’". (BBC News, 12 May 2016)

“After further signs that consumers and businesses have shrugged off the Brexit vote, the Bank used its latest outlook to predict the economy would grow 2% this year and unemployment would be much lower than previously thought.” (Guardian, 2 February 2017)

The City does a U-turn

“Up to 100,000 financial services jobs could be lost if Britain votes to leave the European Union, according to a report compiled for [CityUK] that will stir debate about the short-term impact of Brexit." (Guardian, 14 April 2016)

“[CityUK] has performed a dramatic u-turn on Brexit, scrapping its previous campaign to remain in the EU and instead hailing the vote to leave as ‘unprecedented opportunity’ for the UK to develop a powerful new set of trade and investment policies.” (Guardian, 2 February 2017)