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Economists for Free Trade, previously (before the referendum on Brexit) called Economists for Brexit, is a lobbying group that promoted a no-deal Brexit, which is the situation where the United Kingdom leaves the European Union without a corresponding withdrawal agreement treaty. They believe the UK is better off trading on the terms of the World Trade Organization rather than within the single market and customs union.^[1][2] Economists for Free Trade is one of few organisations predicting a positive economic impact of a no-deal Brexit.^[3][4]

Led by Professor Patrick Minford, the group maintained close ties to pro-Brexit Conservative MPs.^[5][6] Its website was discontinued during 2021, but its advisory board was said to include Jacob Rees-Mogg, Owen Paterson, Matt Ridley and David Jones.^[7]

Criticism of Patrick Minford’s Economic Model

A June 2016 critique by the Centre for Economic Performance, a politically independent research centre at the London School of Economics, highlighted the flaws of Minford's economic model for a no-deal Brexit.^[8] Their analysis puts into question Minford's figure for economic welfare in the UK to increase by 4% after Brexit and instead predict a 2.3% loss of welfare from Minford's 'Britain Alone' policy.^[8]

According to the CEP, Minford overlooks the loss in services trade that would result from leaving the Single Market, such as 'passporting' privileges in financial services.^[8] Furthermore, Minford's assumption that goods prices would fall by 10% comes from attributing all producer price differences between the EU and low-cost countries to EU trade barriers, ignoring differences in quality.^[8] Minford's approach of ignoring empirical analysis of trade data seems predicated on the view that because statistical analysis is imperfect, it should all be completely ignored.^[8] But such statistical biases may reinforce rather than weaken the case for remaining in the EU.^{[8][needs update]}

See also

• Economic effects of Brexit
• Leave.EU
• European Research Group

References

External links

• Economists for Free Trade - Who we are Archived 1 April 2019 at the Wayback Machine
• Powerbase: Economists for Free Trade