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2017-06-09
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It's taken a year, but as Britain's economy slumps and inflation bites, the warnings about the costs of our vote to leave the EU are coming true.

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This week Britain slumped to the bottom of the GDP growth rate league table of advanced economies. ... The cause of that high inflation is primarily the knock-on effect of the weaker pound, which dropped by 20% immediately after the Brexit referendum result last year. ...

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The triumphalism and complacency of the Brexiters since then is a testament to how illiterate, politicised and pseudo-intellectual the whole discussion on economic impact has become.

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The fuse of currency depreciation had been lit, and was quietly making its way towards the tinderbox of rising inflation, higher household debt and increased pressure on spending power.

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