Bloomberg:
UK consumers would have a 'great time' in Brexit, Minford says
27 May 2016
Britons would benefit from lower prices if the U.K. left the European Union, according to Patrick Minford, a professor at Cardiff University and co-chairman of Economists for Brexit.
According to Minford, the mistake of Remain campaigners, such as the U.K. Treasury, which has warned of the economic risks of leaving the world’s largest single market, is assuming that both exporters and importers would suffer. His model came in for criticism on Friday. Economists including Thomas Sampson from the London School of Economics wrote in a report that it doesn’t correctly predict the consequences of a so-called Brexit and his policy proposals would actually lead to a decline in living standards. “What the Treasury have done is take the LSE equations and souped them up big time to get even bigger negatives,” Minford said. “It’s all gloom and doom because of exporters. They forget the consumers will have a great time. Prices will come down.”