Growth after Brexit undermines the European Union (EU)


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The much-anticipated disaster that would inevitably follow the vote in favor of the Brexit – the United Kingdom’s exit from the European Union (EU) – is long overdue. After economic growth was revised upward by at least 0.1 percentage point for Q3 2016, setting the total at 0.6%, some of those who announced there would be an apocalypse are beginning to admit they were wrong.

This is particularly true about the Chief Economist of the Bank of England (BoE) Andy Haldane who considers he has been too pessimistic. “We had foreseen a sharper slowdown in the economy than has happened,” said Haldane at a conference organized by the Institute for Government research center.

Contrary to the unanimity shown by the government of former Prime Minister David Cameron, by the EU and by numerous well documented reports, the Brexit seems rather to have granted the British economy some dynamism whose EU economies, particularly France and Italy, have been cruelly deprived of.

This positive observation, perhaps premature considering that the Brexit has not yet officially started, strengthens the Eurosceptic political parties and is gradually convincing the public opinion that not only the exit from the EU is possible, but can happen without suffering noticeable damage.

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