It is hard to pinpoint the moment when Brexit enthusiasts stopped claiming that leaving the UK could be painless. Meanwhile, the Treasury has taken a consistently gloomy view, seeing no model of Brexit superior to the deal Britain enjoys as a member of the Brussels club. Government analysis published on Wednesday anticipates slower economic growth under every Brexit scenario. Philip Hammond can only defend the prime minister’s approach as damage limitation, with compensating political benefits unrelated to economics. The chancellor’s candour is not helpful to Mrs May but he cannot pretend that Brexit makes financial sense.

Source: The Guardian November 28, 2018 18:00 UTC