Thread by @fascinatorfun

@joelymack Here’s some data if it helps. U.K., that was at the top of the G7 prior to Brexit is now an outlier.

@joelymack 2/. ONS. Household expenditure now exceeds income. First time since 1988 Average £900 shortfall.

Not all households face the same budget pressures – the poorest 10% of households are most likely to spend more than they receive in income
ow.ly/5nhG30l7Nue

@joelymack 3/. Q2 2018. Red Flag Research that monitors the financial health of UK companies, 472,183 businesses were experiencing ‘Significant’ financial distress at the end of June 2018, up 9% compared to the same stage last year (Q2 2017:).

begbies-traynorgroup.com/news/business-…

@joelymack 4/ Centre For European Reform.

We have already lost more in lost taxes than we pay into the EU Budget. July 2018.

bloomberg.com/news/articles/…

@joelymack Employment might look OK BUT Under employment isn’t getting better. 1hr pw = “employment”

uk.businessinsider.com/uk-underemploy…

But "underemployment" — the phenomenon of people stuck in badly paid part-time jobs who cannot get full-time work — remains higher now than during the 2008 crisis

@joelymack 6/. Car output down 47% in June 2018. Industry very worried

"Output of vehicles for the UK market plunged by 47% in June, compared with a 6% rise in exports, amid a “perfect storm” of factors"

Carmakers not ready for Brexit, says SMMT as UK sales fall

theguardian.com/business/2018/…

@joelymack 7/ itv.com/news/2018-07-1…

“Tax hikes and spending cuts worth an extra £39 billion every decade for the next 50 years would be needed to prevent ballooning national debt levels, the UK’s fiscal watchdog has warned.

@joelymack 8/. LSE measures how Brexit it biting.

blogs.lse.ac.uk/brexit/2018/07…

@joelymack 9/
Growth in 2018
keep scrolling down

🇮🇪5.6
🇲🇹5.4
🇵🇱4.6
🇸🇮4.4
🇷🇴4.1
🇭🇺4.0
🇸🇰3.9
🇧🇬3.8
🇨🇾3.6
🇱🇺3.5
🇪🇪3.5
🇱🇻3.3
🇱🇹3.1
🇨🇿3.0
🇳🇱2.8
🇦🇹2.8
🇫🇮2.8
🇪🇸2.8
🇭🇷2.6
🇸🇪2.4
🇵🇹2.2
🇪🇺2.1
EA 2.1
🇩🇪1.9
🇬🇷1.9
🇧🇪1.7
🇫🇷1.7
🇩🇰1.6
🇮🇹1.3
🇬🇧1.3

@joelymack 10/A hard Brexit may mean Britain's GDP loses upto 7% annually over 15 years, former World Bank chief economist says bloom.bg/2L6Lsea

NB:ANNUALLY

Ohttps://www.bloomberg.com/news/videos/2018-07-11/hard-brexit-has-5-7-negative-impact-on-gdp-over-15-years-stern-says-video

@joelymack 11/. Response from Prof Paul Welfens to above report”

“quite important analysis. #NickStern with a clear view on BREXIT. One may argue that #NoDEAL BREXT cost would be much higher: about 16% of national income. For ordinary household BREXIT will be a disaster. “

@joelymack 12/. Latest ONS figures (July 2018) showing trade deficit has widened by nearly £5bn in the last quarter.

https://mobile.twitter.com/ons/status/1016607352764665858

@joelymack 13/. NEW Investment down 90%

New investment in the U.K. (stripping out SWF buying property etc) is down 90%. In contrast has trebled in Germany- unctad data.

“United Kingdom received around USD 20 billion in FDI in 2017. This represents a year-to-year decrease of 90% “

@joelymack 14/. To be fair 2016 was a high point. ARM changed hands as did one of the iconic office blocks. Both involved cash rather than equity- because of devaluation assets were cheap (which may or may not be what cash rich brexiters are trying to achieve)

unctad.org/en/Publication…

@joelymack 15/. Even ignoring that new foreign investment is down by 50% on years 2013-2015

@joelymack 15/. Insolvencies up 14% on previous year. Over 4K businesses. Insurance against the risk of non payment due to bankruptcy has increased to meet the risk

ft.com/content/f731c0…

@joelymack 16/ so unless those in the conversation with you are better qualified than the above commentators I am not too interested in their opinions.

They are welcome to screw up their own lives, but not mine, my family, my friends, neighbours or the generation that was unable to vote

@joelymack @threadreaderapp unroll