The post you are reporting:
Excellent news. So much for 'austerity'! Can't see how this can possibly go wrong? Loadsa people buying stuff they don't need with money they don't have!
'The growth of consumer debt has doubled over the last three years, with the rate of expansion accelerating after the referendum. The household savings ratio is falling again: another sign that the public is not expecting calamity. The trade deficit has widened to an alarming 6 per cent of GDP, not because exports are not growing, but because we keep importing more and more stuff (most of those ‘80 per cent off’ bargains in the sales have ‘Made in China’ labels). The British consumer isn’t worried about their employer relocating to Lyon or Munich after we leave the EU. Instead, they are doing what they usually do when they feel good about their future — heading down to the mall, emptying their bank accounts and maxing out the credit card to enjoy themselves.
We have seen this movie twice before under Tory governments: the Barber boom of the early 1970s and the Lawson boom of the late 1980s. In both, the economy was overstimulated, creating a bubble which then collapsed in on itself. Now, the same thing appears to be happening all over again. We can’t see it, because virtually the entire economics profession is trapped in the Remain bubble. Economists are guilty of the worst kind of confirmation bias. They are so determined to believe that leaving the EU will be bad that they spend all their time looking for signs of a slowdown, airily dismissing any evidence of a boom as an outlier, or a rogue set of statistics. Indeed, most mainstream forecasts still expect a downturn once we trigger Article 50 next year.
Instead, we are far more likely to see rising consumer spending, rising debt levels, a flood of imports, a gradual build-up of inflation, and, in time, lots more wild lending from the banks as they grow more confident in rising prosperity. This boom may well end up with a crash in 2018 or 2019. If so, it will be one that mainstream economists and the Bank of England will have created themselves, by overestimating the impact of Brexit — although, predictably enough, they won’t see it coming.'