Jacob's ladder....
Those of you who don’t get the Sunday Express will have missed its front page exclusive yesterday, an interview with Jacob Rees-Mogg. On how the UK economy will boom so much because of Brexit that in five years time no one will even be considering rejoining the EU.
Leaving aside the fact that no reputable forecaster is predicting any such thing, the interview had only two ideas on how to achieve this miracle. Free ports, which add nothing to growth, and new public procurement rules to favour smaller and British firms ( why excluding large efficient foreign companies is good is left to the imagination.) Neither will make a measurable difference to growth.
To be clear what would transform the British economy and would take far longer than 5 years is: massive improvements in education and training, huge commitments to infrastructure by the government, spending on technology and skills by firms of a level the UK has rarely seen, increasing inward investment by foreign firms and unprecedented improvements in productivity.
Brexit makes some of these less likely and none more likely.
Which is why I thought I detected a slight hint of panic in the musings on how Jacob’s plans would take us to an economic heaven.
Keep wishing it so and it will happen is not an economic policy and neither is asking the readers of The Sun for ideas on cutting Brussels red tape.
Do the Brexit ultras now fear that the public will notice they have been fooled before the memory of Brexit fades and they can make the connection?
Because they have no idea of what to do with Brexit now they have it, only a visceral fear that it will be taken from them.
Which s strange because no matter how big a mess they make of it, that is very unlikely to happen.
Economics, trade and Brexit, not necessarily in that order but the dog always comes first.
Why is it in the Express rather than the FT or Economist?