Britons seem relatively relaxed in the face of Brexit apocalypse | Larry Elliott

Despite predictions of gloom from the Treasury and Bank, the public remains optimistic

Before heading off for his summer break Mark Carney said the risks of a no-deal Brexit were uncomfortably high. Last week Philip Hammond warned the Treasury would take an 80bn hit if negotiations between Britain and the EU failed completely.

There is a risk to this latest manifestation of Project Fear. If the public really thinks that in eight months' time Britain is going to be plunged into the economic equivalent of a nuclear winter, the economy will take a serious hit.