When Britain voted decisively to the leave the European Union five years ago today the predictions from economic commentators on both sides of the Atlantic was that not just Britain but the whole world could be heading for catastrophe.
The dire forecasts of former International Monetary Fund (IMF) chief Christine Lagarde – now at the European Central Bank – are still as fresh in the mind because she pronounced them with such aplomb.
Such an event would have ‘pretty bad, to very, very bad consequences.’ An analysis by HM Treasury on the eve of the vote in May 2016 forecast a decision to leave would present a ‘profound shock to our economy, push our economy into recession, lead to an increase in unemployment of 500,000 and GDP (total output) would be 3.6 per cent smaller.’
Doom and gloom: The dire forecasts of former IMF managing director Christine Lagarde (pictured) after the Brexit vote five years ago are still fresh in mind
The consensus was…