It makes one proud to be British when you read the latest positive economic news that shows the economy has confounded all the predictions experts and politicians made last year. Former chancellor George Osborne expected the UK to experience a recession if the electorate voted for Brexit. Since the vote, economists have tried to link every indicator of negative growth to the EU Referendum.
These are figures that deserve credit
However, the figures speak for themselves. July saw a surplus of £0.2 billion, compared with last year's deficit of £0.3 billion. Tax receipts were at their highest levels since records began in 1999. The Consumer Price Index recorded that inflation had hit 2.6 per cent, its lowest figure since 1971. Unemployment has sunk to 4.5 per cent. These are figures that deserve credit.
Yet there are many in London who want the economy to falter just to prove a point. In the Capital, Bank of England Governor Mark Carney expects inflation to rise to 3.6 per cent. A former member of the Bank's monetary policy committee, Andrew Sentance, wrote in The Guardian that Europe's growth levels mean the UK will fail to share the benefits due to Brexit.
David Blanchflower, a former Bank of England policymaker, went as far as to say that leaving the EU will be bad for Britain's economy altogether.
Project Fear is still alive
With rail fares set to increase to their steepest levels since 2012 and real pay declining by 1.4 per cent in April to June this year, causing a fall in living standards, it appears that Project Fear is still alive in the Bank of England. Because of the considerable influence these figures who have talked down the economy have, they are stronger than they were prior to the EU Referendum.
What's worse is that they are receiving help from their allies in Brussels. It has become apparent to Brexit Secretary David Davis that the European Commission has purposefully constructed the timetable for withdrawal so that Brexit fails.
It is impossible to anticipate how the Irish border will operate if no agreement has been made on trade. That is why Mr. Davis is right to ensure the European Council extends the remit of negotiations to include trade when this body meets in October.
With the eurozone growing at a faster pace than the British economy, many in Brussels will no doubt hope that the Government will ease its Brexit stance so that they can trade with the EU by remaining a member of the Single Market. The Prime Minister needs to confront Project Fear head on. They have been proven wrong once, and they can be proven wrong again. This economic news is to be celebrated. It is time to crack on with these discussions and ensure the UK receives the best deal possible with Brussels and prove these pessimists wrong. When the project collapses, it will be Britain, not Europe, that will get the last laugh.