The pound has jumped again on the back of strong numbers from the services sector. When the jobs data came in strong last month Remainers said that manufacturing was cratering and that would translate into job losses later. Then when the manufacturing PMI came in strong the Remainers said that it was actually services that were being hammered. This morning saw the biggest jump in the PMI services number on record…
So Remainers are running out of bad news. We have gone from the Brexit vote leading to a “global economic shock” requiring an emergency budget to “it is too soon to tell”, “Brexit hasn’t happened yet”. Yet when stocks went down (they are now higher) it was immediate evidence, when the pound went down it too was immediate evidence. These moves were all based on expectations conditioned by politicians and economists who have been proved wrong as the economic data comes in. Every new data point proves them demonstrably wrong.
And what about the 71% of City economists who predicted a recession this year? Not one has taken up Guido’s offer of a £1,000 bet…
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