| Author (Corporate) | BBC |
|---|---|
| Series Title | BBC News |
| Series Details | 16.07.13 |
| Publication Date | 16/07/2013 |
| Content Type | News |
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The Institute of Economic Affairs (IEA) announced in July 2013 that it would hold a competition to find the best plan for a UK exit from the European Union. The IEA announced Iain Mansfield as the winner of the IEA Brexit Prize on the 9 April 2014 with a paper 'A Blueprint for Britain - Openness not Isolation'. His winning entry called for the UK to join the European Free Trade Association, as well as for the introduction of a ‘Great Repeal Bill’ to bring about a comprehensive review and, where appropriate, repeal, of EU regulations. These measures would prevent economic shocks in trade and would reduce the bureaucratic burden on British business, unshackling the wider economy. It concluded that a Brexit must ultimately be a political rather than an economic decision, yet calculated that if it occurred, the UK economy would experience a £1.3bn increase in GDP. Significantly fewer regulations, coupled with greater trade with emerging economies, could provide an overwhelmingly positive future outlook for an independent Britain. The submission argued that the single highest economic priority in the event of a ‘no’ vote would be to ensure the maintenance of zero tariffs on trade between the UK and the EU in all areas apart from agriculture. It also strongly made the case for the importance of an exit from the Single Market. Staying in would mean retaining almost all of the most onerous and controversial aspects of EU membership. |
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| Source Link | Link to Main Source http://www.bbc.co.uk/news/business-23322122 |
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| Countries / Regions | United Kingdom |
