Global economy screeching to a halt? How bad will it get? The first official acknowledgement that Brexit might just have something to do with British chaos. Brexit did, after all, mean Brexit.

The world economy is slowing down. Asia, including China, is weakening. European indicators are flashing Amber. Britain’s bosses are warning about a collapse in confidence. The energy shock, if it persists, could lead to even

more trouble.

A small thing perhaps, but a British minister has, finally, admitted that Brexit involves an economic ‘transition’. That’s code for ‘problem’. Maybe even ‘trouble’. Cast in the language of ‘moving from one equilibrium to another’. It’s school-level economics. Remember: there is no plan. Restricting immigration, raising taxes and throwing sand in the wheels of trade are the three things they have done. The idea now is to sit back and observe the ‘transition’ to sunny uplands. It could be a long wait.

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