Leaving Customs Union and Single Market 'would boost economy by £135bn'

Britain leaving the Customs Union and Single Market would boost the economy by £135bn, experts say.

Removing trade tariffs and barriers could be a massive shot in the arm for  Britain’s finances and offer an extra £80bn-a-year, according to Professor Patrick Minford.

Minford thinks there’ll be another £40bn increase simply by deregulating the economy.

His report, ‘From Project Fear to Project Prosperity’, says UK businesses and consumers would benefit from lower priced imported goods and the effects of increased competition, which would force firms to raise their productivity.

Minford said: “Project Fear failed yet many Remainers are trying to resurrect it. The government should embrace a clean, swift Brexit – avoid the uncertainty of a long, drawn out transition and embrace the opportunities of Brexit.”

This is bad news for Remoaners who would love nothing more than for Britain’s economy to crumble outside the Customs Union or Single Market. The reality is Britain looks set to be much more prosperous free from Brussels’ shackles.