Quote Originally Posted by Stolly View Post
That didn’t happen because big businesses were immediately given big reassurances that we would strike a deal with the EU. In fact didn’t Nissan get promised a massive back hander too? That and the fact that, with sterling plummeting in value, the overseas earnings of the big companies making up the FTSE100 index, those earnings earned in foreign currencies, actually went up when patriated to the U.K. Oh and interest rates were immediately cut to the bone.
Oh right that will be the reasons for why they got it spectacularly wrong then. But if that's case why is that unemployment is not rocketing, given that the prospect of no-deal is now much more likely?

As for interest rates being immediately cut to the bone, what the heck are you talking about. They were already at 0.5% and so a cut to 0.25% was hardly earth shattering. In fact the cut was totally unnecessary, which is why it was soon reversed and in fact rates are now 0.75% - higher than in June 2016. Again, why isn't unemployment rocketing?

Finally, let's take Sterling falling, actually that was the one prediction they did get right. So how come this wasn't factored into their sophisticated economic models so that they would have known that the repatriated overseas earnings of the FTSE 100 companies would increase? How come the still made the dire economic forecast?