Is the continuing Remain campaign damaging the economy?

Many Remain voters could not believe the result of the referendum and are still campaigning. However, their current campaigning is about "Project Pain": damaging the UK economy out of spite (see Britain must suffer for Brexit). How successful have they been?

The global economy is in poor shape at the moment and the growth in UK output has been declining since 2014. The UK does not achieve Brexit until 2019 so any excessive changes in the economy now are about confidence. The surveys such as the "Purchase Manager's Index" show a fall in confidence that is about 5% more than might be expected from the actual data.

Output and Confidence: Real Data in Light Blue, Confidence Dark Blue Line.

A 5% decline in purchasing confidence could translate into as much as a 1% decline in actual output. Let us hope it does not.

Remoaning is not a harmless exercise but may hurt the pockets of ordinary British people. Now that the EU Referendum is over it is becoming clear that there are a sizeable number of Remain supporters who would damage their country out of spite, cheering if any economic indicator goes down, revelling in any damage that they might inflict on us.

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