For those in despair with Britain’s political class, I bring good news. Its top economists, those without a political axe to grind, made excellent Brexit forecasts both before and shortly after the June 2016 referendum. Politics might be in meltdown, but economics (this time) has been on the money. A few days before the vote, three of the UK’s most reputable economic institutions — the National Institute of Economic and Social Research (NIESR), the Institute for Fiscal Studies and the Centre for Economic Performance at the London School of Economics wrote a short joint statement under the heading: “Leaving the EU would almost certainly damage our economic prospects”. In it, they predicted the economy would be between 1% and 3% smaller by 2020 than if the UK stayed in the bloc. Further hits would come thereafter, they said, with the severity depending on the type of Brexit chosen. The pound would fall, real wages would be lower, public borrowing would therefore be higher and unemploy...

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