Pro-EU camp humiliated again as UK economy surges
Retail sales for July, the first significant data set on the real economy to come in since Brexit, rose 1.4 percent, against expectations of 0.2 percent. So, mainstream economists thought the high street economy was chugging along at precisely one seventh the rate it was actually moving. That's why we Brexiteers were right to ignore the incompetent establishment
You couldn't make it up, and you don't have to. All you have to do is look at what we in the Brexit camp have been saying for months about the lies and distortions of Project Fear.
Thursday's retail sales figures "smashed expectations" as the Telegraph put it. Retail sales for July, the first significant data set on the real economy to come in since the Brexit vote, rose 1.4 percent month-on-month, against expectations of a mere 0.2 percent rise.
Savour that. Establishment economists -- polled by the likes of Reuters and Bloomberg -- thought the high street economy was chugging along at precisely one seventh the rate it was actually moving.
When Michael Gove talked about being wary of so called "experts" he was referring to incompetence like that. The establishment has been humiliated again.
Here's the Guardian, this time on unemployment:
"The number of people claiming unemployment benefit dropped by 8,600 in July, surprising economists who were expecting a rise of 9,500." The FTSE250 is now way above pre-Brexit levels, and in year-high territory.
What, those "surprised" economists got it wrong?
The Project Fear predictions of economic decline have become like the propaganda that late Soviet officials could not distinguish from reality. They started to believe their own nonsense.
To be sure, the establishment has spooked confidence, especially in the pound. But that was inevitable in the short term.
What we will shortly see is a sobering up process as the real economy pushes forward just as before.
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