Nobel economists warn UK of lasting damage from Brexit

Nobel economists warn UK of lasting damage from Brexit

LONDON - Agence France-Presse
Nobel economists warn UK of lasting damage from Brexit

AFP photo

Ten winners of the Nobel Prize in economics on June 20 warned that leaving the European Union would “create major uncertainty” over Britain as a trading nation and inflicting lasting economic damage.

“We believe that the U.K. would be better off economically inside the EU,” the economists said in a letter to The Guardian newspaper.

“British firms and workers need full access to the single market. Brexit would create major uncertainty about Britain’s alternative future trading arrangements, both with the rest of Europe and with important markets like the USA, Canada and China,” they added.

The economists, who have all been made professor laureates for research going back to the 1970s, are George Akerlof, Kenneth Arrow, Angus Deaton, Peter Diamond, James Heckman, Eric Maskin, James Mirrlees, Christopher Pissarides, Robert Solow and Jean Tirole.

The laureates, six American, three British and one French, said the economic consequences “would persist for many years”, adding “the economic arguments are clearly in favor of remaining in the EU.”
Meanwhile, the pound extended its rally in Asian trade on June 20 as investors swung their bets to Britain voting to remain in the European Union this week.

Long-running fears of a pro-Brexit vote on June 23 had been hammering the British currency and became heightened in recent weeks as the “Leave” campaign pulled ahead in the polls.

On June 20, the pound gained as the first poll taken after the murder of pro-European Union lawmaker Jo Cox suggested the “Remain” camp was gaining momentum.