Taking Back Control
The Economist magazine has an interesting take on the 'Taking Back Control' slogan of the Brexit campaigners in the great EU referendum.
https://espresso.economist.com/70117ee3c0b15a2950f1e82a215e812b
Breaks it: the British economy
Chaos was predicted and chaos has ensued. Businesses are cancelling investments: an Anglo-German stock-exchange merger is off, and Ryanair, an airline, will deploy new aircraft on European routes, not British ones. The domestically focused FTSE 250 has had a terrible week; housebuilders’ shares have tanked. Some hope that sterling’s depreciation will stoke export competitiveness. But costlier imports and Brexit-related uncertainty will probably outweigh that, meaning Britain would fall into recession in the second half of the year. Can the government rescue the economy? George Osborne, the chancellor, is keener on balancing Britain’s dangerously lopsided books than creating extra demand. The Bank of England’s interest rate is already at 0.5%; it can’t cut much further, and extra quantitative easing (printing money to buy bonds) is unlikely to do much. The best thing for the British economy would be clarity over the future relationship with the EU—but that won't come for months.
