English: Chart of UK net migration, 1991-2008 (Photo credit: Wikipedia)

ONS, the UK’s national statistical authority, reports a 3.6% fall in construction in March, with both new work and repair & maintenance both falling by 3.6%. See the data first hand, without any editorial bias.

Source: Construction output in Great Britain: Mar 2016 and Jan to Mar 2016 – Office for National Statistics

For me, this is further evidence of alarm over the risks of a Brexit. I expect that the negative economic news will accelerate quickly in the final weeks to the Brexit referendum.

Ironically, it’s shortage of housing that is driving the xenophobic supporters to favor Brexit. The simplistic assumption that foreigners will disappear and houses will become more available for the indigenous population is weak. Firstly, foreigners are needed because they have the skills that the British workers do not. Secondly, following a Brexit decision, the Brexit supporters will not want to invest in property because the market will be spiraling downwards. Thirdly, there won’t be any council or assisted housing for those on benefits because of savage emergency cuts to the UK’s budget to avoid and uncontrolled nose-dive as international confidence in the UK evaporates.

Thoughts?