Britain would be ‘£156 billion a year better off WITHOUT a deal with EU’
NEW analysis has revealed that Britain would be better off by £156 billion a year by simply walking away from the EU without a deal.
Former British Chambers of Commerce director John Longworth has issued “a Brexit fight back” after Remainers have tried to capitalise on the hung parliament election result to claim that Theresa May’s vision of a clean Break with the EU is “dead”.
The annual boost – worth around a third in growth for the British economy – would continue for at least 12 years as Britain’s economy is transformed by throwing off the shackles imposed by Brussels.
It is the equivalent of adding the entire NHS and defence annual budgets back into the UK each year.
With France and Germany putting pressure on the UK to change its mind and Remainers attempting to force the UK to at least stay part of the Single Market under Brussels rule, Mr Longworth has released analysis on behalf of Leave Means Leave to show that Britain will be hugely better off even if talks break down.
He pointed out that just three measures; deregulation, the reinvesting the net UK contribution to the EU, and removing external tariffs to the rest of the world imposed by the EU, would amount to a 7.2 per cent boost to our economy, between £120 and £150 billion.
This is before extra boosts to the economy created by new free trade agreements being set up around the world.
Writing for the Daily Express online, he said: “This would be like increasing our economic growth rate by a third every year for twelve years! “
The intervention by the co chairman of Leave Means Leave comes as Remainers attempt to hijack the election result to undermine Brexit and keep Britain in the single market.”
The boost to the economy includes 4 per cent of GDP from removing EU tariffs to the rest of the world, 2.5 per cent from scrapping EU red tape and 0.7 per cent from Britain’s net contribution of more than £10 billion to Brussels.
Currently, the 7.2 per cent total is worth an extra £156 billion a year.
In his paper – Engaging Business on the Benefits of Brexit – Mr Longworth pointed out that EU regulation has created a high cost to the UK.
He noted that the Open Europe report in 2015 identified a cost to the UK economy of over £33 billion for the top 100 EU laws while the British Chambers of Commerce (BCC) stopped counting after its 2010 EU regulation barometer estimated a cumulative cost of around £80 billion.
Mr Longworth, the co-chairman of Leave Means Leave, also points out that on top of the annual £156 billion boost to the economy Britain “can abolish the Common Agricultural Policy, repatriate our fisheries, make Free Trade deals around the world and cut out the cost of migrants.”
He went on: “Each migrant in a low skill job costs the UK taxpayer a net £3,500 per year in welfare subsidies and public services.”
With the government under pressure to water down proposals and compromise he said this was no time for “faint hearts”.
And he appealed for “inspiring, courageous, smart and resolute leadership in the face of Former enemies abroad and at home.”
Former cabinet minister John Redwood, a leading Brexit campaigner, said: “I don’t know about the figures but I agree that leaving is a win, win situation.
“There is no doubt we would be better off as a country, but at the same time I would prefer there to be a deal because we would be even better off.
“The tariff on food are particular issue because the EU insist on us imposing them on the rest of the world.
“When we leave we should end tariff on all food that is not produced in Britain. It would immediately reduce the weekly shopping bill and it would be a sign for the rest of the world that we are ready for free trade agreements.
“There is no point in putting tariffs on pineapples and oranges.”
Mr Longworth’s co-chairman of Leave Means Leave Richard Tice also issued a call to arms for supporters yesterdayWEDS as Remainers attempt to sink Brexit.
He said: “It has become clear that Remain campaigners are not going down without a fight – and will do anything they can to trap us in the single market and the customs union.
“George Osborne, Michael Heseltine and Anna Soubry are trying to spin the general election result as a rejection of a clean Brexit – even though 84 per cent voted for parties who want to leave the single market.”
June 15th, 2017: Express