(7 years, 9 months ago)
Commons ChamberMy right hon. Friend is making a very impressive case. [Interruption.] Given the reaction from the Opposition, I am tempted to quote from “Carry On Up the Khyber”—they don’t like it up ’em! I am sure that, like me, my right hon. Friend was impressed by the candour and honesty of the chief economist of the Bank of England, Mr Andy Haldane, when he pointed out that the economics had had its Michael Fish moment last year, when so many predictions about the dire consequences of Brexit were proven to be wrong within weeks and months. Given the candour of one of the most distinguished economists in this country, should not those who call for impact assessments, attributing certainty to them, show similar humility?
I agree, and I am tempted to refer to my predecessor, Lord Tebbit, who said, “When they’re screaming, shouting and laughing, carry on, because you must be in the right place.”
The head of the Office for Budget Responsibility is on the record as saying that in the end, almost all forecasts are wrong—