WEEK OF THE DOOM MONGERS

Experts set to slash growth forecasts for UK after Brexit

Have they forgotten all this good news?

The economy accelerated in the build-up to Brexit – growing by 0.6 per cent in the second quarter. It was just 0.3 per cent in the US and zero in France.

A record 31.7million people are now in work and the unemployment rate has dropped to 4.9 per cent – its lowest level for 11 years. The eurozone is at 10.1 per cent.

Drugs giant GlaxoSmithKline – which campaigned for Britain to stay in the EU – is to invest hundreds of millions of pounds into UK operations. Rival firm AstraZeneca is to spend £330million.

Exports to the EU now account for just 12.1 per cent of total UK output while sales of British goods and services

to the rest of the world account for 15.7 per cent.

The housing market is showing signs of life and Nationwide says average prices rose 0.5 per cent to a record £205,717 in July.

McDonald’s is pushing ahead with plans to expand in the UK, saying it will create more than 5,000 new jobs here by the end of 2017.

The pound has fallen 11 per cent against the US dollar and nine per cent against the euro since the referendum – a major boost for exporters.

The FTSE 100 is up 6 per cent since June 23, with the FTSE 250 down 0.3 per cent.

Government borrowing costs are at record lows with the benchmark ten-year gilt yield at under 0.7 per cent.

Mortgage rates have fallen – and could fall further if the Bank of England cuts interest rates this week.

Business leaders remain upbeat – despite many being cajoled to oppose Brexit. Willie Walsh, boss of British Airways owner IAG, has said: ‘I’m not concerned.’