10. Aug, 2017


It is always worth pondering the thoughts of the distinguished exponent of free-trade, long-standing critic of Brussels, and ardent Brexiteer, Prof Patrick Minford. This is his article from the Daily Torygraph, of 4 Aug 2016:

"At the heart of the matter is our future trade framework; on it depends how far the UK can pursue the road of self-government – the control of laws and borders demanded by the Brexit majority. It is good to see Liam Fox getting off to a strong start negotiating draft free trade agreements, FTAs, with countries around the world. These countries will then lower their tariffs and trade barriers against us, and we ours against them.

Contrary to what is generally thought, however, the gain that we get from this does not come from their lowering their barriers against us. No, the gain we get from these FTAs is that we lift our tariffs and other trade barriers on them; this means that our consumers pay less and so enjoy a rise in their standard of living."

In the referendum debate, Remain claimed that not only would the economy go into recession if voters foolishly chose to Leave, but also that even economic activity in…