28 November 2017
INTERNATIONAL economic experts were today accused of being too gloomy after they said Brexit uncertainty meant slower growth and rising unemployment in Britain.
The downbeat report by the Paris-based Organisation for Economic Cooperation and Development provoked a swift response in the UK.
A Treasury spokesman said: “There are over three million more people in work since 2010 and we are building an economy that is fit for the future.
“The Budget and our Industrial Strategy set out a balanced approach to reducing the deficit, supporting our vital public services, and investing to improve our productivity.
“This is the only way to secure long-term growth for every part of the United Kingdom.”
Pro-Brexit Professor Patrick Minford, Chairman of the Economists for Free Trade group, said: “The Treasury has only itself to blame for the OECD’s gloomy forecast which it now finds unpalatable, and rightly so.
“It was the Treasury that produced the gloomy long-term assessment of the UK economy under Brexit, which we have repeatedly shown is wrong and based on seriously flawed analysis.
“However this has encouraged the OECD to produce a ‘me too’ analysis.
“Only when the Treasury fully retracts its flawed long-term analysis and argues strongly the positive case for Brexit will we have a chance of stopping such assessments from international bodies whose main source and domestic ally is the Treasury – not to speak of similar nonsense from the Treasury’s own domestic satellite bodies.
“The truth about the British economy is that the Brexit move to free trade with the whole world, our own regulations and control of immigration will give a gain of around 7 per cent to GDP, worth around £135billion and about £80billion extra revenue for the Treasury at today’s values.
To read the Daily Express’s report of Patrick Minford’s comments in full, click here.