BRITAIN will be four percent better off each year after Brexit despite a leaked report suggesting the UK economy will suffer as a result of leaving the European Union, economics professor Patrick Minford has said.
Patrick Minford, Professor of Applied Economics at Cardiff University, destroyed claims made in a leaked Brexit report and said Britain will thrive after leaving the Brussels bloc.
A report from website BuzzFeed suggested Whitehall had commissioned a report on the impact Brexit would have on the British economy.
Speaking on Channel 4 News, Mr Minford said: “Fundamentally, they just used the wrong method. They got in a muddle and it’s a bit of a mess.
“If you put in the assumptions of free trade, and even if you put in no deal, we are better off by four percent because we do free trade with the whole world and that’s the key point.”
The study allegedly discovered the economy would continue to grow slowly no matter the type of deal Britain strikes with Brussels.
The research is reportedly based on only three possible Brexit scenarios, excluding an analysis of the impact of a bespoke deal such as the one the Government is currently seeking to strike with the European Union.
The report reveals that with the softest Brexit option, UK growth will be two percent lower over the next 15 years with continued access to the single market.
It states a comprehensive free trade agreement will have a five percent drop in growth, but a no deal scenario would see growth decrease by eight percent.
It found the hardest hit areas would be the North East, West Midlands and Northern Ireland.
But Brexiteer Jacob Rees-Mogg hit back at the leaked document and branded the analysis as “highly speculative”.
Brexit Minister Steve Baker also attacked the officials forecast. He told MPs during an emergency statement: “The article is a selective interpretation of a preliminary analysis.
“It is an attempt to undermine our exit from the European Union.”