It's being widely alleged that economists were wrong about Brexit. The Bank of England, Treasury and many independent forecasters had warned that a vote to leave the EU would put the UK on the brink of recession. But latest purchasing managers' surveys show that services sector growth is at a 17-month high and manufacturing growth at a 30-month high. Such figures, says Markit's Chris Williamson, are “consistent with the economy expanding by 0.5 per cent in the fourth quarter”. That's a tad below the long-term average, but better than economists had expected.
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