Professor Patrick Minford responds to the Chancellor’s Autumn Budget

Responding to the Budget, Professor Patrick Minford, Chair of Economists for Free Trade said:

“We are pleased that the Chancellor has, for the first time, acknowledged that Britain can thrive because of Brexit.

“However, the general sentiment within the Budget confirms our long-held concern that the Treasury is generally ignorant of and in denial about the wider economic benefits of Brexit. This is reflected in the Treasury and OBR’s wrongly, indeed absurdly, depressed forecasts for the economy. The medium to long term economic outlook for post-Brexit Britain is much brighter than the Chancellor has set out today.

“What was missing in the Budget today was any detail on how Britain’s economic policy can and must change when we leave the EU to a lighter touch, lower tax, lower spending economic model that offers a clean break from the high regulation, high tax, high spend approach of the EU.

“There is a huge challenge ahead for Britain to build a more competitive economy focused on low business taxation and upskilling the domestic workforce in which higher productivity is a central objective to ensure Britain becomes an even greater beacon for foreign direct investment and business growth.”

ENDS

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