U.K.'s Leadsom: Economists' Brexit Forecasts Ludicrous

The transcript discusses the economic consensus on the negative effects of leaving the EU, both short and long term. It critiques past economic forecasts, highlighting the failure to predict major crises and questioning the assumptions behind current predictions. The discussion also touches on how economic decisions impact citizens, particularly in areas like education, healthcare, and housing. A debate ensues on the validity of economic consensus, with references to past disagreements over the eurozone and the role of respected institutions.

What is the main concern of major institutions regarding the UK's departure from the EU?

• Short-term and long-term economic uncertainty

• Decreased political influence

• Increased immigration

• Improved trade relations

What past economic prediction does the speaker use to question the reliability of consensus?

• The success of the eurozone

• The UK's economic growth post-Brexit

• The UK's economy if it didn't join the euro

• The rise of cryptocurrency

According to the speaker, what is a limitation of economic forecasting?

• It is based on historical data only

• It is influenced by political agendas

• It depends on the assumptions made

• It is always accurate

What does the speaker suggest about the impact of economic decisions on ordinary people?

• They have more influence over economic decisions

• They are unaffected by economic policies

• They benefit the most from economic changes

• They are directly affected, unlike institutional leaders

How does the speaker view the role of institutional leaders in economic forecasting?

• They prioritize public opinion over data

• They are always accurate in their predictions

• They have a personal stake in the outcomes

• They lack direct experience with the consequences