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Brexit Happened 100 Days Ago: Where Is The Meltdown?

Brexit Happened 100 Days Ago: Where Is The Meltdown?

The people of Britain were told if they voted to leave the European Union, doom and gloom would be brought to their economy.

Now 100 days have passed since the infamous vote dubbed "Brexit" took place, and many are wondering where the economic collapse is.

As noted by CNN Money, government borrowing dipped in August, inflation held steady and consumer spending soared by 10 percent, marking the highest jump in more than 10 years. Meanwhile, factory data has been positive and the services sector rose 0.4 percent from June to July.

Understandably, supporters of the "leave campaign" — that is, those who were in favor of leaving the European Union — are taking victory laps and accusing economists and many mainstream media sources as using scare tactics prior to the vote.

However, the victory laps can't continue indefinitely. CNN Money noted that nothing has officially changed since the Brexit vote. Companies inside Britain have the same access to the EU market as before, and its possible Brexit won't become official for years.

"Why would a reasonable person say that the U.K. economy was fine after two months of economic data before [the exit] was even triggered, knowing full well that the impacts would stretch over multiple decades?" Christopher Vecchio, a currency analyst at DailyFX told CNN Money.

Meanwhile, England's central bank has already lashed its key interest rate post-Brexit vote with further cuts expected this year.

Related Link: Bank Of England Maintains Current Interest Rates But Hints Of Another Rate Cut This Year

On the other hand, Pied à Terre, a Michelin-starred restaurant in Central London, is seeing business booming. The restaurant's founding director David Moore told CNN Money that the Brexit outcome "isn't deterring anyone" and "business is back to usual."

At the micro level, consumers are doing just fine.

Will Brexit prove to be a long-lasting mistake to the country's economy? That has yet to be seen, but 100 days later, the economy is in pretty good shape — for now.

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