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Will Economists have the laugh last over Brexit?

Geoff Riley

7th April 2017

According to Sir Vince Cable, the answer is yes! This article comes from a strongly Remain perspective but is very readable from a politician with a long history as a professional economist in industry.

When Brexit comes we shall see one of the more extraordinary experiments in economic policy: a country deliberately raising trade barriers against its own exports by re-erecting non-tariff and tariff barriers that had been dismantled over many years. We do not yet know how far this exercise in self-flagellation will be taken, but economics does have solid theory and practical ways of measuring impacts which demonstrate that the creation of trade barriers inflicts costs which ultimately reduce living standards below what they would have otherwise been.

Geoff Riley

Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.

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