Economists downgrade post-Brexit growth forecasts, but Britons disagree

A number of economist think tanks have downgraded their UK GDP growth forecasts following Britain’s vote to leave the European Union (EU) – but the British public seem to disagree with their gloomy outlook.

One watchdog revised its GDP growth forecasts for 2016 down from 2.3 per cent to just 1.9 per cent, and from 2.6 per cent to as little as 0.4 per cent for 2017.

Another estimated that UK GDP growth would decelerate to around 1.6 per cent this year and 0.6 per cent by 2017.

Experts have pointed toward a decline in overseas business investment in areas such as commercial property – as Brexit fears continue to take their toll on uncertain investors across the globe.

However, contrary to the reports, a separate study conducted by market research group Ipsos MORI found that, for the most part, the British public believe that the UK’s economy will benefit from Brexit in the long term.

55 per cent of Britons told Ipsos MORI that they thought Britain’s economy would be better off within ten years’ time as a result of Britain leaving the EU.

A further 38 per cent added that they thought the economy would be better off within just five years’ time, and six in ten told the survey that an independent Britain would, in their eyes, be better able to make decisions based around its own national interests.