Leave economics built on dangerous fantasies says academic

Leicester economist and Deputy Pro-Vice-Chancellor Professor Stephen Hall (pictured) is among leading researchers who have issued a stark warning on the risks of Brexit.

Twelve Nobel Prize winners and over 150 economists from across the UK argue that Brexit will likely lead to recession, job losses, inflation, less innovation, higher taxes, and cuts to services. 

They have published a statement that has appeared in the national press.

The Nobel laureates and other economists said: “Leave will say these points are Project Fear. We say they are Project Reality. The Leave campaign’s economics are built on dangerous fantasies." 

The statement also counters Leave claims on immigration, noting that unemployment is now 5%, lower than before EU enlargement, and that EU immigrants contribute more in taxes than they claim in benefits. It also notes that countries outside the EU, such as Norway, Switzerland and Australia have higher net migration relative to population than the UK.

But the statement also sees greater prosperity if Britain Remains: “Modern 21st century economies thrive on connections, trade, and exchanges between people and ideas.”

Professor Stephen Hall, Deputy Pro-Vice-Chancellor and Head of the Department of Economics, said: “This is a crucial time for the UK, leaving would not be a vote for independence but a vote for isolation. Outside Europe we would have little influence on the world and its development. Inside Europe we would be a major player in the largest economic block in the world.”

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