This week’s raft of U.K. economic data put a new spring in the step of those who believe (or hope) that Brexit will simply mean Brexit, not national calamity.
The figures show that British consumers are on their biggestsummer spending spree in 14 years and that the labor market is remaining resilient despite the Brexit vote. That’s put a spring in the step of economists who backed the “Leave” campaign and deride the doom-laden forecasts as “Project Fear.”
“I don’t smell any fear,” said Patrick Minford, a professor at Cardiff University and co-chairman of the Economists for Brexit campaign group. “What I smell is people going about their business looking perfectly calm. Their incomes are growing, employment is at an all-time high, unemployment is at a low, there’s loads of credit available. What’s not to like?”
Careful With That Data
Technology companies are warning that leaving the European Union could end up blocking digital traffic and stifling a fast-growing part of the British economy.
When consumers across the bloc go shopping online, their credit-card details and other personal information often zip across borders to giant data centers in the U.K. That leaves their online data intimately bound up with the European Union, Bloomberg’s Michael Scaturro reports.
Companies now want the U.K. government to negotiate a deal that keeps Internet borders open. The U.K. houses about 500 server farms, representing almost 43 percent of data-center capacity in Europe’s four biggest digital hubs—Germany, France, the Netherlands and the U.K.—according to data supplied by TechUK. – READ MORE