In response to comments by the IFS’s Paul Johnson dismissing the Brexit dividend, Professor Patrick Minford, Chairman of Economists for Free Trade, said:
“Paul Johnson and his IFS microeconomics shop have once again recycled discredited gloom from the anti-Brexit Civil Service, the latest being their leaked Cross-Civil Service Report.
“As we have shown in detail, their report is based on absurd assumptions. When these are corrected, the report’s projected loss of GDP is converted into a substantial gain.
“The total gain to GDP from all aspects of Brexit is estimated at 7 per cent of GDP with a 10 per cent gain to HMRC revenue, enabling a large Brexit Dividend.
“Mr Johnson should stick to his last.”