"Project Fear" Architect Now Thinks Brexit Will Have "Limited Impact" On UK Economy

Lord Macpherson, the UK civil servant dubbed "The Architect of Project Fear," now believes Brexit's negative impact on the British economy will be limited if it is handled correctly...

As a reminder, The FT points out, that Lord Macpherson was at the helm of the Treasury when his officials compiled a report suggesting that a post-Brexit, Canada-style trade deal with the EU would ultimately lower UK economic output by 6.2 per cent, costing British households £4,300 a year.

The report, published in April 2016, came out a month after Lord Macpherson ended his decade as permanent secretary at the Treasury and was denounced by Brexiters for what they believe was scaremongering about the economic consequences of Brexit.


Well, he has changed his mind, as economists do when faced with reality.

Macpherson is now a little more upbeat.

"Brexit is a risk but its economic impact should be limited provided [the government] seizes policy opportunity and looks forward not back," he said in a tweet a few days before Christmas.

Following up from the tweet, Macpherson told the Financial Times that:

"There is still all to play for... If the government relentlessly focuses on achievable outcomes in Brussels and pursues a sensible economic policy at home, it could yet keep any lasting damage from Brexit to a minimum. But that remains a pretty big ‘if’."

While the British economy has noticeably slowed since the vote to leave the European Union, it has confounded the most pessimistic forecasts. 


shitshitshit Thu, 12/28/2017 - 04:21 Permalink

 did this guy ever worked ONE single day in his entire life? Dude looks like a creep who can't even match his socks to his ties or his shirts to his underwear. I'm sure he's got free sweets in his pockets for going ladyboys. 

Ghordius Thu, 12/28/2017 - 04:32 Permalink

the economic argument was never the one that made people vote for Leave

hilarious that it's still about "Is Project Fear Bogus Or Not"?

wake up, Britain. You Have Been Sold A Whole Basket Of Puppies

ThirdWorldNut Ghordius Thu, 12/28/2017 - 05:23 Permalink

So immigration has no affect on economy? Well thats a volte face to remember. Your tribe constantly tells people all immigrants are doctors and engineers who will follow the rule of law, pay their taxes, never dream of beheading fellow citizens or grooming their teenage daughters. And disagreeing with this is racism.

And now you are saying immigration has nothing to do with economy? 

Of course you would very much like that nobody talks about project fear anymore, no body wants to be exposed as a paid globalist shill.

In reply to by Ghordius

Ghordius ThirdWorldNut Thu, 12/28/2017 - 05:51 Permalink

Brexit And Immigration.  let's see...

- previous UK governments could have reduced immigration from the EU. there was a thing in the treaties about phasing in the EU Freedom Of Movement... which they did not apply

- previous UK government could have reduced further immigration from the EU issues by applying several EU regulations about sending people back if they don't find a job in the UK. and... they did not apply them

- previous UK governments could also have refrained from pushing for "EU enlargement". they did the opposite

- not that long ago Boris Johnson, Foreign Minister, went to Turkey and promised UK support for entry in the EU. something that makes continental mad, note. and harked on his Turkish roots, too. as soon as he came back... he painted a picture of 80 million Turks all ready to come over to the UK, "because the EU". You can't make this up

- all in all, the UK government could do much more in regard to any issue with Immigration from the EU... if it would introduce several things, including IDs, and databases. But... they never did, and British Councils are against such anyway


... none of this Immigration from the EU is of people from Third World Countries, or the Middle East, or Asia in general, or whatever. It's Poles, and Bulgarians, and Romanians, and so on. and... they are pissed about all this British man-on-the-street stance that "Immigration from there is bad"... while they look at Conservative Brexiteers like Priti Patel which find that immigration from Asia is good

NO EU immigrant to the UK is in any way related to your "beheading fellow citizens". Poles, Bulgarians, Romanians, French and Germans don't do that. is that racist, too?

I can't even say "You Have Been Sold A Puppy" to you, because it's a British expression which you might not understand. because... you aren't talking about anything you have even the slightest knowledge about

In reply to by ThirdWorldNut

Thoresen Ghordius Thu, 12/28/2017 - 09:07 Permalink

Proof that all politicians are in the game for personal gain and advancement and could not give a damn about the long term consequences of their decisions.

And then in the EU, politicians are only allowed to vote on policies promoted by unelected officials. This is just about as close as you can get to Nassim Taleb's 'Not having skin in the game' as you can get. 

In reply to by Ghordius

GreatUncle Ghordius Thu, 12/28/2017 - 05:27 Permalink

Woke up to the fact Ghordius?

It was all about the elites trying to cede UK sovereignty in full to the appointed EU commission and nothing else.

They used the concept of economic disaster to support it and immigration to oppose it.

Wake up alright? I have a bunch of criminal lawmakers in the UK parliament that have broken the UK constitution. Even sent an email to the one who drafted up article 50 and explained why ... no response.

Not my fucking government!

This vote always had to be, if they had done it a decade ago they would probably have pulled it off but a substantial part of the population now live in economic poverty and know that immigrants coming in with nothing "will" get a better deal than they will ever have.

If they had pulled it off, everything would have been blamed on the EU and they would have said we cannot do anything about it like they have been and still expect to be paid.

Vote BREMAIN and sack parliament as a not needed institution was not a condition of the referendum ... if it had been we would all have voted BREMAIN I assure you!

Still a paid shill though Ghordius ... my comment is a brutal truth on a corrupt criminal government.


In reply to by Ghordius

Ghordius GreatUncle Thu, 12/28/2017 - 06:02 Permalink

Your British Government has pretended for 40 years that it's the EU Commission that decides things about the EU, instead of the Ministers of the British Government sitting in the EU Council, all decisions that have to be ratified by the elected MEPs in the European Parliament (A parliament that gave Nigel Farage and UKIP seats, note, in relation to the four million votes they had)

decisions that become law for the EU Commission, which is nothing else then a glorified secretary service of lower level then the National Ministers

UK Constitution? It's Your National Affair. Get a grip and ask it's codification in a small booklet, if that's your problem

UK Government? It's Your National Affair. Get a grip on it, instead of yelling US-like "Not My Government"

"If they had pulled it off, everything would have been blamed on the EU..."

there you have it. actually... you know

Your Country Is Sovereign. That was never your problem in the first place. Your problem... is that You Have No Grip On Your Country... while being fed a constant doses of horse manure, like mushrooms

and... that's nothing we on the Continent can help you with. It's. Your. National. Affair. Not. Ours.

In reply to by GreatUncle

Ghordius GreatUncle Thu, 12/28/2017 - 06:13 Permalink

oh, and another thing:

"Vote BREMAIN and sack parliament as a not needed institution was not a condition of the referendum ... if it had been we would all have voted BREMAIN I assure you!"

Your Country is a Monarchy... tempered by an elected chamber of Commons and an unelected chamber of Lords

not that long ago I stumbled on a Polish business recap that was explaining it this way: Three Chambers: Commons, Lords and... the Monarch. the three of them being "Sovereign In Parliament"

now... that "sack parliament"? which chamber? if you sack the Commons... you have a Monarch and the Lords

funny thing to base a vote upon, but hey, the French once had a referendum that asked them (roughly): "Do you want Luis Napoleon as Emperor of the French, under the name Napoleon III?" (they voted "Oui", note)

is that the kind of referendum you would have preferred? if yes... don't you deserve the current thing?

In reply to by GreatUncle

Ghordius BritBob Thu, 12/28/2017 - 06:51 Permalink

...Europe want the "United States of Europe"?

answer: not enough of them. and so we don't have the United States of Europe

we have no EU Army, we have no EU Navy, we have no EU Taxes, we have nothing much more then a kind of secretary service to the Sovereign Nations and their appointed National Governments

which... meet. have to meet. that's one of the redeeming features of the EU: they have to meet and discuss things

and sometimes... they even agree on doing something together. which results, like treaties, in Laws In Common

which is nothing else then sharing a law, putting the same law in place in all of them

so... now that you Brits are leaving... could you please cut down on the bullshit?

You will either be inside of the borders of our Customs Union or outside. choose

You will either be inside of the borders of our Regulatory Area or outside. choose

for forty years you pretended that we were doing something we were not. face... reality. and make your choices

and... cut on that bullshit. it does not make you get anything special, and it hinders you from your choices

In reply to by BritBob

BritBob Thu, 12/28/2017 - 05:44 Permalink

The EU politicians are away with the fairies.

How many people in Europe actually want this? - 

Federal United States of Europe

The European Union should transform into a federal “United States of Europe” by 2025 says Martin Schulz, the former President of the European Parliament and contender for German Chancellor.

“I want there to be a constitutional treaty to create a federal Europe,” Mr. Schulz said Thursday during a speech at a Social Democratic Party of Germany (SDP) convention in Berlin.

Ghordius BritBob Thu, 12/28/2017 - 06:20 Permalink


Schulz is just parroting. that's what parrots do, and he is nothing else then a glorified parrot

you do know who asked first for that "United States of Europe", don't you?

it was... Winston Churchill

here the full speech: http://www.churchill-society-london.org.uk/astonish.html

here the YouTube recorded speech: https://www.youtube.com/watch?v=Ln4SRnt4VE0

BritBob... Know Yourself. Start by knowing something about your own history, British history

In reply to by BritBob

J Mahoney Thu, 12/28/2017 - 08:16 Permalink

Pathetically, Brits are so consumed by Brexit BS, Harry and Meghan biracial soul mate Obama Drama, and pleasantries of William and Catherine, that their "Social Planners" have basically permanently changed their future history into that of a "european muslim nation". England is now the muslim landfill of Europe and people could care less about their history anymore. Oh so sad this "culture" is passing, I would bet in our lifetime we see these Muzzies demand the end to this whole "Royal Family" way of life in England. Its all kinda similar to the USA movement which has to play the race card with slavery and confederate monuments, create chaos, immigrate the hell out of muslims (or vice versa) and history and culture are replaced by the new world order.