In February, the world’s top 20 economies listed Brexit as a global risk after lobbying from British finance minister George Osborne. Then Osborne, who has a warm relationship with IMF Managing Director Christine Lagarde, said the Fund’s comments reinforced the case for staying.
“The IMF has given us the clearest independent warning of the taste of bad things to come if we leave the EU,” he said.
George Osborne stop telling everyone brexit will fuck up the economy. The only thing that will scare people out of the market is you and the fact our governemnt doesn’t seem to have any kind of confidence in itself.
No firms are going to leave. All serious firms have to have an office here. Some will probably leave the EU to come here as there will be less red tape.
Major challenges … negotiations protracted … heightened uncertainty … weigh heavily on confidence and investment … financial market volatility…significant risk…severe regional and global damage…the fuck?
David Cameron tweeted in support of the IMF’s verdict: “The IMF is right – leaving the EU would pose major risks for the UK economy. We are strong, safer and better off in the European Union.”
George Osborne said it was as the “clearest independent warning of the taste of bad things to come”. The chancellor added: “Today we have a stark warning from the IMF. For the first time they’re saying that the threat of Britain leaving EU is having an impact on our economy and they cut our growth forecast as a result.
“They say were we actually to leave the EU there would be a short-term impact on stability and a long-term cost to the economy.”
He argued that if the British economy is “hit by the mere risk of leaving the EU” then the impact on people’s incomes and jobs would be much worse if Brexit actually happened.