The Confederation of British Industry (CBI) are it again, with the business group throwing a whole load more Project Fear at a potential No Deal Brexit. It feels like 2016 all over again.
They are now warning that a a clean No Deal exit from the European Union would shrink GDP by 8% with Director General Carolyn Fairbairn to say of MPs: “If they meet it with yet more brinkmanship, the whole country could face a No Deal, disorderly Brexit.
“The economic consequences would be profound, widespread and lasting. GDP would decline by up to 8%, meaning less money for our public services and those who rely on them.”
But look at what they were saying in 2016. According to the CBI, research showed that: “A British vote to leave the European Union could cost the economy £100 billion and 950,000 jobs by 2020″. Indeed at the time Carolyn Fairbairn claimed: “This analysis shows very clearly why leaving the European Union would be a real blow for living standards, jobs and growth.”
We’re into 2019 and instead have seen wage growth and an unemployment rate at it lowest since 1975.
We have also seen a record number of job vacancies – a million miles away from the economic destruction that the likes of the CBI predicted if the UK voted to leave the EU.
— ONS (@ONS) November 13, 2018
As the release on their website still reads: “CBI Director-General, Carolyn Fairbairn, has warned that leaving the EU would cause a serious shock to the UK economy, with a potential cost to UK GDP of £100 billion and 950,000 jobs by 2020 and negative echoes that could last many years after that.”
Why should anyone believe a word they say? The British public want independence delivered including taking back control of borders and slashing migration. The CBI themselves have admitted that firms have had to raise wages as EU migration has lowered slightly, a big win for British workers.
The business lobby may not like it, but their absurd predictions cannot be taken seriously given how catastrophically wrong they called it in 2016.
No wonder that gent referred to it as the ‘Confederation of European Industry’ at one of their own events!