THE Bank of England has finally admitted that it got it wrong on Brexit. Well of course it did. The wild forecasts being made before the referendum were not the result of considered study and impartial analysis.
00:01, Thu, Sep 15, 2016
GETTY
They were heavily influenced by the scaremongering tactics deployed by George Osborne and his loyal follower, Bank of England Governor Mark Carney.
Remain campaigners were constantly telling us that all the economists agreed that Brexit would be a disaster. As this newspaper repeatedly pointed out these supposed experts are, for all their vaunted credentials, terrible at predicting the future. Thus it has proved yet again.
Stuck in their ivory towers and heavily invested in the EU dogma they were unable to see beyond the prism of their own narrow prejudice. We were supposed to take it as read that the EU is good for the economy when that is far from the case. Thankfully the British people saw through their nonsense.
But despite admitting that the economy is doing better than they thought the Bank of England’s top policy makers are still implying that they could cut interest rates even further. This would be a dangerous course of action that risks inflicting more misery on savers, encouraging even higher levels of debt and further inflating asset prices.
This is not a recipe for stable, sustainable economic growth. With no sign of the predicted Brexit recession Mark Carney and his minions need to re-evaluate their strategy
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GETTYMerkel stoked violence
IN GERMANY on Wednesday night asylum seekers goaded local neo-Nazis into a series of violent clashes. When police arrived to defuse the situation and protect the migrants the new arrivals pelted them with bottles. How’s that for gratitude?
The violence is deplorable but it is an entirely predictable result of Angela Merkel’s open-door policy. Allowing in vast numbers of migrants has stoked tension across the country. The German people are rightly concerned about how new arrivals will integrate into society, the burden they place on public services and the crime wave that has been triggered by the migrant crisis.
The establishment has ignored all of these problems. It is no surprise that this has flared into violence.
