The bust that wasn’t

It has been a month since the UK voted to leave the European Union — but something is missing. Where is the economic collapse? What of EUpocalypse Now? Where is the Brexageddon that we were promised? To the shock of many — not least business titans who bankrolled the Remain campaign — the instant collapse doesn’t seem to be happening. The UK economy is, for now at least, taking Brexit in its stride.

The oft-predicted job losses? During the three weeks from 23 June, job listings were up 150,000 compared to the same period last year according to Reed Group, a recruitment consultant. ‘That’s an 8 per cent rise,’ says James Reed, its chairman. ‘The vote hasn’t affected things — people are still hiring.’

How about all those international banks quitting the City of London? Last week the US banking thoroughbred Wells Fargo forked out £300 million for a new European headquarters — in London. Since Brexit, the likes of Goldman Sachs and JP Morgan have hailed the City as ‘one of the most attractive places in the world to do business’, citing its ‘stable legal system’ and ‘deep liquid capital markets unmatched anywhere in Europe’.

But surely leaving the EU is so rash it’ll spark financial collapse? While UK stocks took a hit straight after the referendum, the FTSE 100 share index is now 6 per cent higher than before we voted. Even the FTSE 250, comprised of smaller, more UK-centric firms, has almost completed its recovery.