Brexit Now Looking Like It Will Probably Fail

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Peter Eavis says that Brexit is likely to lose and Britain will remain part of the EU:

Asking people to predict a result of an election has, over time, provided more accurate forecasts than asking people their voting intentions, according to a study by Justin Wolfers, a University of Michigan economist and an Upshot contributor, and David Rothschild, of the Microsoft Research and Statistics Center.

When Survation asked, “Regardless of how you plan to vote, what do you think the result will be?” just shy of 40 percent of people said the “remain” camp would win. Only 26 percent said that “leave” would prevail.

The betting markets agree:

The betting odds for the EU referendum changed direction over the weekend and now firmly favour a Remain vote with just three days to go….Ladbrokes has given just a 27% chance of a Vote Leave while William Hill has it as 28.5%. Ladbrokes added that 95% of betting on was a Remain vote on Monday.

My sense—though I’d prefer actual data if anyone has collected it—is that secession votes usually follow a pattern: the leavers get an upward bump a few weeks before voting day, but stayers get a bump in the few days before voting day. A fair number of people flirt with the idea of leaving, but then get scared at the last minute and decide to vote for the status quo instead. Basically, in any secession referendum, I figure that Leave needs to be polling at 55 percent or higher to have a realistic chance of winning.

As of today, the polls are still tied, so my guess is that Brexit will fail on Thursday. If I’m right that about 5 percent of the leavers will get cold feet and change their minds, the final tally will be something like 53-47 percent in favor of remaining in the EU. We’ll find out in a couple of days.

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