Here’s the latest grim news from Britain. GfK’s consumer confidence index dropped by 11 points after the Brexit vote. According to GfK, this is the “sharpest month-by-month drop for more than 26 years.”
And that’s not all. In July, the Personal Financial Situation index dropped 7 points. The General Economic Situation index dropped 12 points. And the Major Purchase Index dropped 11 points. The likelihood of a major recession is now very high, and the worst victims are going to be the very people who were demagogued into voting Yes.
Brexit is going to go down in history as one of the dumbest own-goals ever. It’s unlikely to deliver on any of the promises of the EU-hating crowd, but it will almost certainly damage the British economy and hurt Britain’s working class badly. Donald Trump fans, please take note. Just because someone is loud and politically incorrect doesn’t mean he really has your best interests at heart.