23 May 2016

Cameron and Osborne warn of ‘DIY recession’

I’ve been to B&Q’s office in Eastleigh to hear the PM and Chancellor warn of a “DIY recession.” I wonder if they cleared that line with B&Q when they booked the venue?

One premise at the heart of the latest government warning on Brexit impact appears to be that so many people will believe the original long-term impact report from the Treasury that, in the short term, they are bound to react strongly and hide their cash under the mattress.

It leads the Treasury to forecast a serious recession but Table 2.C suggests it could be a recession barely meeting the definition starting with four quarters at -0.1% growth.

If there were to be a recession a year from now it might be a rare case of the Treasury forecasting one before we are virtually in it already.

This was a report that had to come out urgently as the purdah period is approaching during which the government is supposed to be gagged and the campaigns fight on a level playing field. We shall see.

B&Q tried to gag their staff after the event when journalists asked for their reaction to the speeches.

The Prime Minister rejected suggestions that he’d wantonly and recklessly steered the nation towards this cliff edge which he said we now stood on.

You can see from Chart 1.F how the referendum’s already having a negative impact according to the Treasury.


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4 reader comments

  1. Robert Swift says:

    If this does happen, why couldn’t these two be challenged to suggest how they’d cope with it? It’d be nice to have some balance from the elected government rather than constant FUD dressed up in soundbite form…

  2. Dee Khan says:

    I will not be kowtowed by the government lines and whatever cronystic report they have commissioned to give their results. World War III, 820, 000 unemployed, a recession (perhaps starting on the 24th of June (if Brexit win) and so on. I can’t keep up! Is the British public so gullible that they are now beginning to believe the government bile of Armageddon and death and destruction, peddled out alarmingly on a daily basis? And guess what? Any stats they use either seems to be commissioned by them, or plucked from thin air! Sadly, it seems that the British public are starting to believe this, as the Remain camp take a lead in the polls. Mind you the polls have got it spectacularly wrong in the past – remember the Election! Oh and don’t get me started on Mark Carney, he has got all his last 8 predictions/forecasts wrong! Why is he still in post. Stop giving us doom and gloom, and whatever horror story you can find. And is it true that you are being advised by the EU in how to run your campaign (as they obviously don’t want others to follow!)?

  3. Gordie says:

    I came to Channel 4 news as I am fed up by the extreme biased reports from the BBC.
    It is very clear from looking and reading independent news reports that the BBC are being used by the government as a propaganda tool to stamp the “vote remain” in to the British people’s brain.
    Do I dare say that Hitler did something very similar back b k in the 1930’s or will I know be know as a Hitler lover for telling the truth????

  4. Francine Last says:

    How can I know that the Brexit camp are not fiddling the statistics and data?

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