ECONOMISTS FOR FREE TRADE HAVE SAID THAT THE BRITISH ECONOMY COULD RECEIVE A £140 BILLION BOOST DUE TO A NO DEAL.
The pro-Brexit economists claim that food prices would fall and so too would high taxes.
A report published by the group states a no deal is “a recipe for economic success – free of the shackles of EU protectionism, budget costs, intrusive regulation and subsidisation of unskilled immigration.”
By no longer being a member of the European Union and hence the Customs Union and Single Market, the group claim the UK economy could see national output increase seven per cent over 15 years resulting in a £140 billion boost.
Chairman Patrick Minford said: “Prices would fall, especially of food, clothing and footwear, and pressures for higher taxes would ease.
“Strangely, the public has got the message with no-deal being the favoured option, according to opinion polls. But the majority of MPs, who remain spectacularly out of touch with the good sense of their voters, are petrified of no deal.
“They have swallowed the propaganda of Project Fear Mark 2 even though apocalyptic warnings of lorries backed up at the ports, planes not flying, and empty supermarket shelves have already been shown to be myths propagated by fanatical Remainers.
“MPs from across the Commons have this week one last chance to come to their senses and recognise that they are in the grip of a collective establishment hysteria utterly unsupported by the facts or sound economic analysis. They are in danger of making Chicken Little look calm and composed.”
MPs will today vote on the withdrawal agreement Mrs May has secured in last-ditch talks with the European Union.
The UK is set to leave the EU on the 29th March with or without a deal.
If MPs vote to reject the Prime Minister deal, they will also vote on whether to accept or reject a no deal and to delay Brexit for a ‘limited time’.
Leave Means Leave, a pro-Brexit cross-party pressure group is served a legal notice to the government informing them of their intention to take them to court if the UK remains a member of the European Union at the time of European elections, but is not allowed to vote.
Economists for Free Trade also speculated that cutting regulation/red tape could release increase the economy by 2%.
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