Yes, the IMF and 200-Plus Economists Can Be Wrong

Chancellor George Osborne and Christine Lagarde: the IMF chief has warned the impact of Brexit would be ‘Pretty bad to very bad’

by Roger Bootle

Last week saw yet another warning about the dire economic costs of Brexit, this time from the IMF. This followed similar warnings from the Bank of England, HM Treasury, the OECD, the National Institute, and Uncle Tom Cobley and all.

There was even a letter signed by 200 economists, highlighting the same dangers. This recalled the 1981 letter signed by 364 economists warning of the threat of recession – published just as the economy was starting to recover.

Such an overwhelming consensus of economists might seem impressive. After all, how could so many different voices come to the same conclusion, yet still be wrong? Easily.

They aren’t umpteen different voices. These people are the victims of group-think.

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