While the Times sings that the English economy is the fasting growing in the G7, the Bank of England is issuing excuses for missing predictions for the 2008 crisis and the post-Brexit vote. The most prudent commentators remember that Brexit hasn’t started yet, and inflation will tear the UK down in the coming months. The Times highlighted this not even a week prior, as well as others with grim predictions for 2017. But it’s a fact that the anticipated storm following the vote didn’t materialize. (PS, the Financial Times gave little front page real estate to the Bank of England’s mea culpa, and continues to focus on the risks rather than the system’s success in an essentially anti-Brexit slant). The arguments for and against are clearly delineated, evidenced by the shocking resignation of the EU ambassador and his letter accusing the Theresa May government. People say that even the queen lost her patience with May’s reticence on Brexit, who will soon speak to counter the EU ambassador’s claims. Basically, the ambassador denounced how various conservative ministers denigrated and rejected the opinions and warnings of experts employed by public departments like himself (career ambassador) if they minimally disagreed with Brexit propaganda. It’s a war on experts launched during the Brexit referendum campaign by the notorious Michael Gove, who is back on his feet after the betrayal of Boris Johnson, who told May as soon as she was nominated prime minister: now you’re going to learn about loyalty between the backbencher (members of parliament without posts who sit in the last row). The news that makes Brexiters gloat is related to growth centered on services, which has been the English economy’s core since industrial manufacturing collapsed there. Maybe the negative sentiments regarding the economy expressed at the end of the year by families and various experts will improve. But, until the fog clears on the post-Brexit reality (not just the post-vote), we won’t understand whether the exit from the single market and customs union will be complete or not. Your guess is as good as mine, but I fear that the English missed the mark, because more realistic evaluations speak of a minimum 10-year negotiation process that will inevitably bring about the feared hard exit, which would cause the UK to abide by WTO rules without any accessory benefits for London and financial services. Frankfurt has lost no time and is already publicizing its renewed role as the capital of finance in the EU (which is contested by Paris) and seat of the European
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