Some caveats are in order. It is still early days. Hard data is scant. Survey evidence is still consistent with a slowdown in the economy in the second half of 2016. Brexit may be a slow burn, with the impact only becoming apparent in the months and years to come.
But it is obvious that the sky has not fallen in as a result of the referendum, and those who said it would look a bit silly. By now, Britain was supposed to be reeling from the emergency budget George Osborne said would be necessary to fill a £30bn black hole in the public finances caused by a plunging economy. The emergency budget is history, as is Osborne.
In a way, Project Fear did work. It put the wind up businesses, making them warier about investing in new kit. And at least some of the people who voted remain did so because they were worried about the economic consequences of leaving. That was hardly surprising, given the regular and lurid warnings – from the Treasury, the Bank of England, the International Monetary Fund and the Organisation for Economic Cooperation and Development – about the dire consequences that would inevitably flow from Brexit.
The British state did an abrupt U-turn on 24 June. Having failed to secure a yes vote, the official position had to change fast. The imperative was to get all those people who had been frightened witless to chill out. Some surveys since the Brexit vote did indeed pick up an abrupt drop in consumer confidence. The government feared a recession of its own making.