LETTER: Brexit vote will trigger recession

Britain has decided
Britain has decided

In December 2015, after a long period of study and discussion, my friend Tom Murphy and I forecast there would be a recession in autumn 2016 which would start earlier if we voted to leave the EU.

This would lead to increasing unemployment and devaluation of the Pound.

Farage and his right wing allies in the Conservative Party said we would save several hundred million pounds by leaving the EU. Now we know that armaments on order from the USA will cost an extra £700 million a year.

In my view, perverse decisions made by the Conservative and Lib Dem coalition government in 2010 knocked the construction industry on the head, putting tens of thousands of tradesmen out of work, shutting brick works and stopping apprenticeship training. The lower value of the Pound against the Euro means that bricks and carrots for instance cost ten-to-12% more.

I told everyone I knew of my forecast and they believed me as I forecast the 1982 Stock Exchange crash ; the folly of linking Sterling to the German currency, which lead to a 50% bank rate and three million unemployed.

I was nine in 1929 when the Wall Street and London stock markets collapsed. I experienced the dire consequences for British families.

As a teenager I attended night school for economics, commerce and book-keeping, and I have retained a keen interest since.

Prime Minister Theresa May has given three impossible jobs to Johnson, Fox and Davies - there’s no chance of us staying in the European free market and restricting the free flow of labour.

In my opinion Brexit means more beauracracy, just as franchising railways has entailed in hiring of some 800 lawyers to haggle about compensation with Network 
Rail.

The recent boom has been fuelled by Government borrowing and burdening the poorest university graduates now looking for work with £55,000 debt which goes up by £200 a month.

Charles Smith

By email