Tuesday, April 20, 2021

Bill Mitchell — The Brexit predictions of doom are proving to be wildly inaccurate

When the British Office of National Statistics published the January 2021 trade figures in March, the first after Brexit was finalised, they showed a 42 per cent decline in UK exports to the European Union. Exports fell by £5.6 billion and imports fell by 28.8 per cent or £6.6 billion. it was the worst monthly drop since records were first published on a monthly basis in 1997. The Remain crowd went berserk and the ‘I told you so’ chorus was raucous. I wonder where there voice has gone now the February 2021 trade figures show a 46 per cent rise in UK exports to the UK. Boats and trucks are carrying goods to the EU from Britain still. We shouldn’t take the monthly data too seriously, especially as it has been complicated by the transition arrangements and COVID. There will be costs from the change in border arrangements. But the predictions of doom are proving to be wildly inaccurate. I have my flame suit standing by.
Bill Mitchell – billy blog
The Brexit predictions of doom are proving to be wildly inaccurate
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia


Mike Norman said...

Was Bill there, saying that at the time?

I was. Particularly with the British pound. I bought all the way down. Now it's almost back to pre-Brexit-vote levels.

lastgreek said...


Nassim Taleb's twitter account just went private. I think you may have have hurt his feelings or something from your last podcast.

Oh, well. Easy come, easy go :)

Mike Norman said...

Yeah, maybe. Hahahahaha. I'm sure he'll be missed. NOT!