Brexit LIVE: 'Big bang!' UK to unleash City with 300-page plan to rip up hated EU rules

THE Bank of England has been “too pessimistic” with its gloomy recession forecasts, pro-Brexit economist Julian Jessop has said.

Mr Jessop, an Economics Fellow at the Institute for Economic Affairs, tweeted: “Three points on the #BankofEngland’s forecasts of a 2023 #recession that most have missed.

“They are probably too pessimistic, because they are based on *current* government policies. In reality, both #Sunak and (especially) #Truss would provide more support from the autumn…

“Even if these forecasts are correct, this would be a relatively shallow #recession, with #unemployment remaining relatively low. (Of course this won’t be any consolation to those struggling to pay their bills, but some perspective is still needed)…

“The UK is far from alone (again, no comfort here, but attempts to blame any recession on #Brexit fall at the first hurdle). ‘Consensus’ forecasts (and the IMF/OECD) take time to catch up. But many are now forecasting prolonged #recessions in the US, euro area, and elsewhere.”

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