‘Brexit doesn’t matter!’ Economist DISMANTLES Project Fear’s attack on British economy

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The TS Lombard economist said Brexit will not impact the British economy as greatly as many believe.

Mr Dumas said: “I think the main point about Brexit is that the whole thing actually matters a lot less than people make out.

“There are very strong feelings on both sides over here but in terms of markets, I’m not so sure how significant it all is.”

Brexit news - Impact of UK exit from EU not as large as expectedBLOOMBERG/GETTY

Mr Dumas said Brexit would not have a great impact on the British economy

Mr Dumas also criticised the length of the negotiating period, saying the two-year deadline only caused “dancing about” around the main issues of the talks with Brussels.

Speaking to Bloomberg, he continued: “The period for these negotiations should have been six months rather than two years.

“We would have been forced to a conclusion sooner rather than later and everyone would have to get to their position rather than this current sort of dancing about that is going on.”

It comes as the pound spiked at its highest against the Euro since July as markets banked on a UK interest hike.

TorFX analyst Laura Parsons said: “The pound was able to dominate against the euro despite sturdy growth data for the Eurozone and a drop in the region’s unemployment rate.”

The Bank of England is expected to announce a hike in interest rates from the current 0.25 per cent to the pre-Brexit referendum rate of 0.5 per cent.

In late September, Bank of England Governor Mark Carney has warned that interest rates are set to rise in the “relatively near term” if the economy continues on the same path.

Mr Carney suggested that there could be a rate rise as early as November 2 by saying that it was time for the bank to “ease its foot off the accelerator”.