Britain would receive an £80bn boost if it leaves the European Union without a deal with Brussels and moves on to World Trade Organisation rules, leading Tory Eurosceptic Jacob Rees-Mogg is arguing.
Mr Rees-Mogg, leader of the pro-Brexit European Research Group (ERG) of MPs, gave his backing to an analysis which concludes that a so-called “hard Brexit” would result in a dramatic economic stimulus for the UK.
The report by Economists for Free Trade, to be published on Tuesday, said a trade deal governed by the WTO would boost exports, lower prices at home and attract foreign investment in Britain. It claims that the extra economic growth would swell Treasury coffers by £80bn over 15 years, leading to tax cuts and higher public spending. And it dismisses “hysterical” reports of the impact of Britain leaving the EU without a deal.
Mr Rees-Mogg said: “Over the last 25 years exports to the EU from the four leading non-EU states have grown four times faster than exports from the UK under the single market. “This fact alone shows why we have nothing to fear from trading on WTO terms. It has succeeded in the past and offers exciting opportunities for the future. Let Brexit mean Brexit and let us flourish under the auspices of the WTO.”
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