From Project Fear to Project Prosperity. An introduction

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Publication Date August 2017
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Economists for Free Trade
Economists for Free Trade comprises 16 leading economists and is the largest of its kind in the UK bringing together experts in trade, macroeconomics, monetary policy and forecasting, together with extensive experience advising Governments on economic policy. The group includes six former economic advisers to government and eight university professors.

The full report, From Project Fear to Project Prosperity, was to be published in the autumn of 2017. Over a few months, EFT would release some of the separate chapters of the report covering topics such as EU governance and regulation, trade models, trade negotiations, the City, Migration, post-Brexit spending and forecasts for the UK economy.
Brexit could boost the UK economy by as much as £135 billion a year, according to a report by a team of leading economists from the Brexit supporting group called Economists for Free Trade, the first part of which was released in August 2017.

The authors argued that it was time to abandon the gloomy forecasts of Project Fear and embrace Project Prosperity – the mounting evidence that quitting the protectionist EU will transform Britain’s prospects over the next decade.

The surge in national output – worth about £5,000 a year to the average UK household – should also be accompanied by an 8% 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 came 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.

Others economists were critical of the analysis and conclusions of the report.

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Related Link(s)
Economists for Free Trade: Press Release, 20.08.17: Brexit could boost UK economy by £135 billion, say top economists
BBC News, 20.08.17: 'Hard' Brexit offers '£135bn annual boost' to economy
The Telegraph, 20.08.17: [Editorial]: Finally, some refreshing optimism on Brexit and free trade
ESO: In Focus: Brexit - The United Kingdom and the European Union
ESO: Background information: Cost of No Deal (The UK in a Changing Europe, July 2017)
Blog: LSE EuroppBlog, 06.09.17: How can Brexit be an economic success when the economics establishment is united in predicting a disaster?
CAPX, 21.08.17: Why only a hard Brexit will do
Open Britain: News, 20.08.17: McGovern – ‘Absurd’ unilateral free trade plan would be a project of economic suicide
The Huffington Post, 21.08.17: Economist Who Claims £135billion Hard Brexit Boost For UK Guilty Of ‘Violence To Basic Facts Of Economic Life’
Economists for Free Trade: New Model Economy For A Post-Brexit Britain, September 2017

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