More Bad News For Post-Brexit British Economy

The disaster of the Brexit vote in Britain continues apace as the latest consumer confidence survey dropped 11 points, it sharpest one month drop in over 25 years. The survey covered the month of July. Combine this with the largest drop of the Purchasing Managers Index in the history of that survey and it looks almost certain that Britain will be headed for recession. And with numbers like these, it will take more than a small rate cut or a small stimulus boost from the government. Theresa May has already conceded the end of austerity, but she may be forced to a much greater stimulus than she or the Conservatives would like. And the pressure from business and consumers to end the uncertainty over the break from Europe will continue to build. I know I probably sound like a broken record on this last point but I just don’t see how you can delay invoking Article 50 as the economy collapses. May is either going to have to somehow abandon Brexit or start getting on with it.