Scepticism about a Brexit apocalypse looks increasingly justified

The IMF and the OECD's predictions of economic gloom went awry, and continued fallbacks may see them lose credibility

In the months leading up to the EU referendum in June, George Osborne had two people he could always rely on to back the argument that Brexit would have immediate, dire consequences for the UK economy. One was Christine Lagarde, the managing director of the International Monetary Fund. The other was ingel Gurria, the secretary general of the Organisation for Economic Co-operation and Development.

Osborne's belief that voters would be swayed by fears of recession meant Lagarde and Gurria popped up regularly during the campaign. In the event, the plan did not work. Those who voted to leave the EU appeared sceptical about the forecasts produced by the IMF and the OECD - and those from the Treasury and the Bank of England, for that matter.

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