BREXIT PARTY MEPs AND PPC RESPOND TO ‘PROJECT FEAR’ IFS REPORT
Negative claims about the possible effects of a Clean-Break Brexit have been criticised by successful business people and economists.
Two Brexit Party MEPs and a Prospective Parliamentary Candidate (PPC) argued the reported claims from the Institute of Fiscal Studies (IFS) were negative and one-sided.
Lance Forman, The Brexit Party MEP for London, said today (October 6th): ‘If you enter negative assumptions into a financial model you should not be surprised to find you get negative outcomes.
‘A Clean-Break Brexit will immediately save more than £30 billion, as well as the £13 billion, annual net contributions, potentially in perpetuity.
‘If that saving is capitalised at our long term Government bond rates, it equates to wiping out more than half of our nation’s debt.’
John Longworth, The Brexit Party MEP for Yorkshire and the Humber and the former director-general of the British Chambers of Commerce, added: ‘The IFS is nearly 50% funded by institutions linked to the EU and has a long history of making “project fear” predictions about the Brexit.
‘Post Brexit, the UK’s independent government will be in control of many economic boosting levers. I am confident the economy will boom and the resultant tax revenues will allow the government to reduce the deficit and debt.
‘Forecasts such as the one from the IFS are generally based on a pessimistic outlook and take no account of any actions that the government has available to it.
‘Basically, they erroneously assumed we will do nothing positive after a Clean-Break, which is plainly daft.’
The Brexit Party PPC for Poplar and Limehouse Catherine Cui is an entrepreneur who formerly worked in the Financial Stability Unit at the Bank of England.
She said: ‘With or without Brexit, the UK economy would be experiencing change.
‘We need to separate out the possible slowdown of the UK economy, which is due to a Europe-wide and even global recession, from the effects of Brexit.
‘People will continue to blame Brexit for any possible slowdown in the coming years for political reasons.
‘However, we need Brexit to happen quickly, to end uncertainty and allow us to expand trade with countries experiencing better growth than here in Europe.’
According to reports, the IFS said today that the UK economy is roughly £60 billion smaller due to the vote to Leave and a so called ‘No Deal’ Brexit could mean zero growth for two years.
It is claimed a Clean-Break is likely to more than double the deficit to around £100 billion and quotes economists at Citi bank who say undemocratically revoking Brexit would create the best prospects for the economy.
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