Brexit fears weighing down UK manufacturing? Dream on

George Osborne will no doubt blame bad economic news on the EU referendum but the crisis in British factories is chronic and part of a global trend

For the next couple of months - and probably longer - George Osborne has a ready-made excuse if the economic numbers look a bit grim: blame it on the uncertainty caused by the EU referendum.

The weakest report on manufacturing from purchasing managers for three years? That would be the result of Brexit fears. A downgrade of the UK's growth forecast for 2016 from the European commission? Investment plans are being mothballed until businesses see the way Britain has voted on 23 June.