Is Brexit Armageddon simply a myth?

This year has not been a good one for economists trying to delineate the fortunes of the UK economy. 2017 could be worse.

It is worth reviewing what was being predicted at various stages of the year. In January, according to the Treasury's monthly survey of forecasts, City economists predicted growth of 2.1%. As it turns out, this was a pretty good projection, since it now looks as if the economic activity will have increased by exactly that percentage (although the ONS will almost certainly come to revise the data at a later date).  Unfortunately, economists could not restrain themselves from fiddling with their numbers, particularly in the wake of the referendum.  Although, even by June, forecasts h...