Those reading the Remain biassed press claiming that any economic slowdown in the UK is mainly due to Brexit should look at the wider picture.


Now the first question I have to ask, is which side is John Bercow on? And before you answer you may like to know that he has just rejected the amendments to the spending estimates tabled by Margaret Beckett and Dominic Grieve that would have shut government down in the event of a no deal Brexit.

Something I talked about in a video last week.

MPs will not therefore be able to vote on them and attempt to block a no deal Brexit by starving the government of the funding it needs to do such things as pay pensions.

Good to hear. Well done that Speaker – for now.

And in another little snippet, I've just seen a great quote from the Tory Brexiteer and chairman of the party's European Research Group (ERG) Jacob Rees Mogg, when talking about his party he said we must leave on the 31st of October because "If we kick the can, we kick the bucket!"

And he also said that only Boris Johnson truly understands the seriousness of this situation.

Anyway, back to the uk economy.

The latest Markit economics Purchasing Managers' Index (or PMI) out today for UK manufacturing, shows the UK has fallen from 49.4 in May to 48 in June.

So the Remain press is straight in there with Brexit in the headline.

But it's not Brexit that's doing the damage, it's being caused by the uncertainty that politicians keep injecting into the economic situation by not delivering Brexit.

But let's take a look elsewhere. Now the first point to note is that a PMI of 50 is a level position and anything above 50 indicates growth and below 50 indicates contraction.

So how does the UK's slightly negative rating of 48 compare to others?

The first comparison is with the JP Morgan global manufacturing PMI which today stands at 49.4.

There are some positive ones like Brazil on 51, France on 51.9, Greece is also positive on a relatively healthy 52.4 and Vietnam is doing well on 52.5.

But Then there's Turkey on 47.9, Russia on 48.6, Poland on 48.4, Mexico on 49.2 then wait for it, the Eurozone on 47.6 and Germany languishing on 45.

But this is the stuff the UK mainstream press will try and gloss over.

Anyway, Markit Economics themselves said of the UK:

“Manufacturing production contracted at the fastest pace since October 2012. Output was lowered in response to reduced intakes of new business, which fell to the greatest extent for almost seven years. There were reports that high stock levels, ongoing Brexit uncertainty, the economic slowdown and rising competition all contributed to the decreases in new orders and production.”

As I've already said, I personally put a lot of this down to the inability and unwillingness of our politicians to just get on with Brexit and bring back certainty and stability.

Reuters also reported that the UK economy had been affected by Brexit, but importantly it also said of the drop in PMI:

“That largely reflected an unwinding of the rush by many factories to get ready for the original Brexit deadline which has now been delayed until Oct 31.

"But economists said Monday’s manufacturing purchasing managers’ index showed how hard Britain’s factories were also being hit by the slowdown in the world economy caused by the trade skirmishes between the United States and China."

So, don't just look at the UK press, take a look around at what other outlets are saying too so you can get a fuller picture.

And I reckon that with Brexit behind us we would, as a country, be far better placed to take quick decisions to alleviate the problems.


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