by Patience Wheatcroft
"The sovereignty of parliament must prevail. It is central to our democracy and needs to be nurtured. There are far too many examples around the world of what happens when too much power is vested in any individual.
The ardent Brexiteers contend that the people have had their say and immediate action should follow. Yet some who voted out are already voicing misgivings. This is hardly surprising, given the nature of the campaign and what has since transpired. That extra £350m a week for the NHS promised by the leave campaigners proved as reliable as Andrea Leadsom’s CV. The remainers failed to make a positive case for the EU – did anyone mention the Erasmus project? They were squeamish about discussing the peace dividend from Europe.
But while the hike in mortgage rates that George Osborne threatened if leave triumphed is unlikely to follow on Thursday’s interest rate cut, the other dire predictions about the effect on the economy are already proving distressingly accurate. This week, surveys on the service and manufacturing sectors signalled the steepest fall in the economy since the height of the financial crisis. The drastic slump in the value of the pound is taking its toll on holidaymakers and, while optimists argue it should boost exports, that ignores the effect on manufacturers who have to import their materials."