Economists for Free Trade (EFT) is a group of leading economists, formerly known as Economists for Brexit (EfB), who believe the UK’s optimal Brexit path is outside the single market and customs union, moving towards an ultimate position of global free trade as a full member of the World Trade Organisation.
Becoming a true global leader in free trade – the target that the Prime Minister has set out for the UK – will improve the country’s economic position significantly, relative to remaining in the protectionist EU customs union and single market.
EFT (as EfB) campaigned extensively during the referendum for Brexit, not only on the benefits of global free trade, but also by explaining the economic damage that the customs union and single market cause the UK.
The main effect of the EU’s customs union is to raise prices through protection and business (as opposed to social) regulation, to the benefit of producers at the expense of consumers who pay these higher prices.
Whilst there is a place for certain types of unskilled migrant workers, freedom of movement primarily benefits major producers at the expense of consumers through taxes levied on the general public to subsidise these individuals – whose incomes are generally too low to tax, but who obtain social benefits.