"Pretty bad" to "very very bad" - IMF verdict on UK leaving EU

May 14, 2016 9:05 AM

So the International Monetary Fund .... you know the one, the GLOBAL organisation that bailed out this country following Labour's mismanagement in the 1970's ....announced yesterday that the effect of the UK leaving the EU would have a "substantial and negative effect on the UK Economy and future growth potential". This follows a detailed investigation and study that the IMF have been carrying out over some time using a variety of different economic modelling tools and current international trade agreements around the world.

The LeaveEU campaigns issue an immediate press release having done zero research, zero economic modelling and with zero expertise that simply attacks the IMF on a credibility basis and totally pretending that the in depth study by the IMF means nothing. As it seems to do all the time, whatever the expert or world leader warning us.....

It is worth bearing in mind that the IMF study is on accordance with other studies from the World Bank, the World Trade Organisation, the Association of British Manufacturers, the Confederation of British Industry, the Federation of Small Business, the Association of British Travel Agents, TheCityUK financial services report, the Society of Motor Manufacturers and Traders in the UK, KPMG, Price Waterhouse Coopers, the International credit rating agencies Moody's and Standard and Poors, and everyone other reputable organisation in the world that had completed any kind of research.

ALL of this is contradicted by an economics professor in Cardiff who the LeaveEU campaigns tout as the new messiah, despite Professor Minford himself confirming that his economic model for a post-EU UK would entail the UK being the only Nation in the developed world with a zero import tariff regime and this would "virtually eliminate British manufacturing at every level".

The LeaveEU side has never come out with the basis for their optimism that the economic situation after leaving the EU would range from other than "pretty bad" to "very very bad"

For information about the IMF bailout of the UK see

http://www.nationalarchives.gov.uk/cabinetpapers/themes/sterling-devalued-imf-loan.htm