Leadsom's levels of delusion are astounding.
She makes the Project Cheer guys on here look like pessimists.
Quote:
Already we can see that the forecasts of a disaster for sterling, for equities and for interest rates have not been proven correct.
The pound is weaker, partly as a result of the markets being wrong on the result of the referendum, and partly on the expectation of further interest rate easing. But lower sterling is good for exports and makes inward investment more attractive.
It means we may import less and buy more at home.
The FTSE 100 is trading higher, and outperforming other global stock markets.
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The currency bouncing along 31 year lows is apparently fine.
Now I'm no former high flying banker, but then despite her CV neither is she, however:
It's not going to cause us to import less and buy more at home with no issues - we import most of the intermediate goods we use to produce things domestically, including energy.
We are a trading, maritime nation, importing goods is what we do due to our lack of natural resources. The reason we had an empire was to secure those resources, along with a market for our finished goods.
The FTSE 100 is indeed trading higher, precisely because it's a global stock market priced in a devalued currency.
Property funds have imposed capital controls. People holding money in UK property funds cannot get at their money due to capital flight. That'll be the inward investment this woman was talking about.
The IFS prediction of 0.1% GDP contraction a quarter for 4 quarters that was derided as part of Project Fear is looking optimistic.
It's no wonder Arron Banks is such a huge fan of hers. She follows his model of campaigning - clueless peddling of bovine excreta.
This is a time to take stock and steady the ship, reassuring people there is light at the other end of the tunnel, not ram head into rectum and go into full-on denial mode.
This lightweight is in no way suitable for the challenges ahead. We need someone who can take the rough with the smooth, not someone whose primary management strategy is ignorance and who confuses conviction and principles with denial.