Denying the cost of leaving the EU keeps Britain locked in a cycle of falling living standards and rising anger
There must come a time when the cost of Brexit is recognised by a British government, but that day is not imminent. Even when the economy and migration are two of the most prominent topics of debate, a realistic account of the European dimension to those issues is taboo for Conservatives who still wear their epic policy folly as a badge of honour.
Independent observers raise the consequences of Britain’s departure from the EU, as Mark Carney, former Bank of England governor, did on Friday when he observed that it was a factor driving pressure for higher interest rates. Mr Carney went further, pointing out that the UK economy has shrunk relative to similar European states. There is much debate among economists about the best statistical measure to describe that effect, but not much dispute on the underlying fact that Brexit has made Britain poorer, as the remain campaign said it would and the leave campaign denied.
