Sir Vince Cable predicts a second economic storm driven by Brexit. The former Business Secretary says that a combination of declining consumer confidence, job losses and inflation has the potential to outstrip the economic storm of the previous decade. Cable was famously credited with warning about the 2008 crash.
Sir Vince Cable said:
“For Britain, the economic weather is arguably worse than it was before the credit crunch. The pound has plummeted, which is driving up prices and trapping consumers in a vicious Brexit squeeze.
“Consumer confidence was all that kept the storm clouds away. But with job losses at everywhere from Deutsche Bank to Nestlé, that confidence is going to drain away further.
“The Chancellor clearly has no confidence in the economic strategy of the government, because he knows that leaving the single market and customs union has the potential to devastate the UK economy.”
It is a simple fact that you can’t have a hard Brexit and a strong economy. The Lib Dems are the only party with a consistent approach to a softer Brexit, one that would leave the UK in the single market, which I fully endorse.