Brexiteers knew what they were doing!' Economist heralds Brexit BOOST to UK economy
BREXITEERS were right to vote to leave the European Union because of new reports revealing Brexit will give a boost to the UK economy, says leading economist Patrick Minford.
Patrick Minford: Brexiteers knew leaving would boost economy
The macroeconomist slammed claims about the negative effects of Brexit on the UK economy.
Talking to Bloomberg, Professor Minford praised Leave voters for deciding to leave the European Union because they had the foresight for the economic boost it would lead to.
Discussing the effects of EU regulation on the consumer price index (CPI), he said:"It particularly brings a big fall in the CPI to low-income consumers who consume much more food, housing and manufactures.
"You know, the fact is, the people who voted for Brexit knew what they were doing."
The Brexit backing economist suggested that Government's plans to pursue a new free-trade agreement eliminating tariffs would deliver great advantages to the UK.
He explained the impact of Brexit would only impact around 10% of the British economy, mainly enterprises covering the import and export of food and manufactured products.
Prof. Minford, who serves as chairman of Economists for Brexit, said: "A lot of people don't understand the British economy.
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"The vast proportion of our economy is in services and is not protected by the EU.
The professor recently published a report which suggests Brexit could offer a "£135 billion annual boost" to the economy.
The report foresees the UK reaping trade gains of £80bn a year by eliminating trade barriers between the EU and the world, as well as £40bn from deregulating the economy.
Despite critics doubting his calculations, Prof. Minford said: "The point to remember is that Brexit has brought a huge devaluation of 15% which is massively boosting manufacturing.
"That's boosting their profits. We've had the best CBI survey in 20 years."