Brexit Is Already Damaging The UK Economy

Brexit is an indulgence that the country can ill afford and is already damaging the economy.

The referendum argument has rumbled on over the past few days with little or no real result.

Chancellor George Osborne for the remains and Michael Gove for the leaves both presented speeches giving their opinions about what voters should do based on opinion and impenetrable equations.

Osborne argues the economy will grow by 2030 if the country stays in the European Union and contract if Britain leaves.

Gove argues the opposite.

Neither seem to have nailed down any figures to support their arguments.

No facts, just opinions

Gove’s arch conspirator Boris Johnson point out that every forecast The Treasury makes is subject to revision within a few months, so how can they possibly have any idea of what the economy will be like in 15 years.

But the leave campaigners have no statistics to back up their rose-tinted view of how to nurture and grow the UK economy in a transcendental ‘free market’ that does not yet exist.

Meanwhile, in the real world, their squabbles are having an impact on businesses and the economy.

The US government has reportedly asked Wall Street bankers if they have Brexit action plans.

Buyers of buy to let mortgage brand Precise have asked the firm to write a Brexit clause into the deal so they can back out without financial penalty.

The three bidders are worried that Brexit would see UK house prices tumble and could burst the buy to let bubble and leave homes vacant with landlords unable to pay their mortgage.

High Court hears expat vote plea

Judges at the High Court in London are considering evidence as part of a judicial review of the government’s decision to bar expats in Europe from voting in the referendum under the 15-ear-rule.

This rule stops any expat who has spent 15 years or more outside the UK from voting in elections.

If the action succeeds, unless the government fast-tracks a new law through Parliament allowing expats the vote, the referendum may face cancellation.

Aidan O’Neill QC, speaking for expats in Europe, said: “Steps for registering overseas votes are already in place and all the government has to do is acknowledge the result of the court case if we win.

“This means no referendum delay is needed.”