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The surge in national output – worth about £5,000 a year to the average UK household – should also be accompanied by an 8 per cent fall in prices – which would add an average of £40 a week to such households, raising living standards, creating new, better paid jobs and cutting unemployment.
They include a reduction in their bills of £2.50 a week triggered by savings in benefits currently paid to unskilled EU immigrants.
The glowing assessment of Britain’s post-Brexit future comes in a 50-page report to be published in full in the autumn by Economists for Free Trade (EFT), a 16-strong group of experts, which includes Patrick Minford, Professor of Economics at Cardiff University and Roger Bootle, Chairman of Capital Economics, Europe’s largest macroeconomics consultancy.
In an introduction released in advance of publication of the full report, From Project Fear to Project Prosperity, Professor Minford rejects so-called “Soft Brexit”, saying that the benefits of quitting the EU will only be realised by a combination of global free trade for Britain – outside the single market and the customs union – plus opening up the UK economy to the positive effects of full competition. [...]
NIESR response: So, will hard Brexit 'turbo-charge' our economy? Part I