The IMF serves up more Project Fear – and it’s working
Another day, another warning about the economic bombshell which would follow Brexit. This time it’s the turn of the IMF. In a press conference at the Treasury, Christine Lagarde spoke of the outcome of a vote to leave the EU ranging from ‘bad to very bad’.
Whilst the IMF’s report said:
‘A vote to leave the EU would create uncertainty about the nature of the UK’s long-term economic relationship with the EU and the rest of the world. A vote for exit would precipitate a protracted period of heightened uncertainty, leading to financial market volatility and a hit to output.’
George Osborne was clearly grateful for the support of the IMF in the severity of their warning against Brexit. The Chancellor went on to echo Lagarde’s comments, talking of sharp drops in house prices and slating the leave campaign’s suggestion that Brexit would mean more cash for public services in Britain. Taken on its own, the IMF’s warning is unlikely to filter through to many voters. It’ll also provoke the usual fury amongst leave campaigners that another outpost of ‘Project Fear’ has popped up. Lord Lamont, for one, criticised the ‘daily avalanche’ of ‘propaganda’ surrounding the EU referendum.
So why was Osborne looking so pleased with himself? It’s because he knows that the IMF’s remarks – coming just a day after Mark Carney and the Bank of England warned against Brexit – form part of a broader narrative that will have an effect on undecided voters. The reasoning goes that the pattern of warnings about Brexit will eventually settle in and hover through voters’ minds when they’re alone in the polling station on June 23rd. Yes, there are arguments against what the IMF had to say, and Osborne himself has been no stranger tocriticising the IMF in the past. But so long as the drip-drip of Project Fear continues to trickle down, leave have their work cut out if they want to win this referendum.
So why was Osborne looking so pleased with himself? It’s because he knows that the IMF’s remarks – coming just a day after Mark Carney and the Bank of England warned against Brexit – form part of a broader narrative that will have an effect on undecided voters. The reasoning goes that the pattern of warnings about Brexit will eventually settle in and hover through voters’ minds when they’re alone in the polling station on June 23rd.
Yes, there are arguments against what the IMF had to say, and Osborne himself has been no stranger tocriticising the IMF in the past. But so long as the drip-drip of Project Fear continues to trickle down, leave have their work cut out if they want to win this referendum.
Comment:
Tom Cullem Torybushhug • 2 hours ago
I rather agree with this. I do not expect BREXIT to prevail although I will do my heroic bit. But what interests me is how those pushing REMAIN are failing to address the potential massive political damage of getting what they want and then the EU rolling out its extremely unpopular next bits of legislation, including visa liberalisation for 79 million Turks, many of whom will not go home after their 90 days are up, but stay and seek asylum based on the dictatorship that Erdogan is obligingly erecting to give them a good case for asylum. The anger of the electorate when it realises how Cameron and the Troika and Brussels deceived them and sold them out and the voters fleeing to UKIP in retaliation . . . not planning for BREXIT is one thing, but I don't think these sods have planned for the blowback from a REMAIN, either, and if they aren't doing so because they think more political upheaval will not follow, they are fools
Torybushhug Tom Cullem • 2 hours ago
Nail on head Tom, and it's this sitting back a watching as Bremains realise Cameron conned them that is to be the silver lining. I keep warning the lemmings it's no good moaning after the event. Italy's Banks on the brink, Greece and Portugal looking fragile, extreme parties very much on the rise across the EU (good in most cases anyway), and once boat loads of immigrants return to our screens (being supressed at the mo of course), it's going to be a wheeze for us lot
