Leroy N. Soetoro
2017-11-16 21:22:28 UTC
BRITAIN can look forward to a post-Brexit windfall worth a staggering
£135billion after leaving the European Union, according to a new report.
The Economists for Free Trade (EFT) group said Brexit will be
"overwhelmingly positive" for the British economy provided the Government
adopts the right policies.
The findings are sharply at odds with most mainstream economists who have
warned the UK faces lower growth and more pressure on the public finances
as a result of the vote to leave.
But at the report's launch on Tuesday, the pro-Brexit Tory MP Jacob Rees-
Mogg will say official forecasts are based on "false assumptions" of the
Treasury and that the outlook for the public finances is "much better"
than the Office for Budget Responsibility (OBR) is predicting.
The EFT - headed by Professor Patrick Minford - said the priority for the
Government should be to bring down trade barriers with the rest of the
world once Britain has left the EU while reducing the burden of regulation
and taxation on firms and individuals.
It argues a "dynamic stimulus from classic free trade" combined with
continued restraint in public spending could provide "post-Brexit fiscal
freedom" worth £135 billion between 2020 and 2025, with a further
£40billion a year from 2025 - including £10billion a year saved by no
longer having to pay into EU budgets.
In his speech, Mr Rees-Mogg will say: "This is a free trade approach that
focuses on consumers, not producers; one that will generate gains to
consumers seven times the cost to producers.
"This is a classical view of the world that has economic history and the
latest economic modelling on its side.
"This is a free trade approach to Government which believes Britain's
greatest days lie before it and not behind it."
He will say the report's recommendations would lead to an intensification
of competition in the UK economy, resulting in a stronger performance than
the latest OBR forecasts are expected to show when they are released
alongside the Budget on November 22.
Mr Rees-Mogg will add: It (the OBR) does its work worthily and reputably,
but on the basis of false assumptions given to it by the Treasury.
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