It says much about the in-denial Brexiters that a simple statement of fact from the Bank of England Governor, made in the most cautious of ways, has set the cat among the pigeons.

Andrew Bailey addressed the “B” word briefly in his speech at the Mansion House in London on Thursday.

Much to the displeasure of some arch-Brexiters, he declared: “Now, as I have said many times, as a public official I take no position on Brexit per se. That’s important. But I do have to point out consequences.

“The changing trading relationship with the EU has weighed on the level of potential supply. The impact on trade seems to be more in goods than services - that is not particularly surprising to my mind. But it underlines why we must be alert to and welcome opportunities to rebuild relations while respecting the decision of the British people.”

It should indeed be firmly within Mr Bailey’s remit to “point out consequences” of things for the economy.

Indeed, it would surely be remiss of him to fail to do so. It would, after all, hardly instil confidence in the Bank of England if it were to ignore the impact of Brexit in making forecasts about and commenting on the economy.

The Office for Budget Responsibility (OBR), set up by former Conservative chancellor George Osborne in 2010 to provide independent forecasts, has for its part been quite forthright when it has come to pointing out the consequences of Brexit, and this is a very good thing.

Politicians, it appears, are terrified to upset the Brexiters.

However, senior officials in the Bank of England and OBR must, to the extent they are able within the constraints........

© Herald Scotland