The British government has released a new report on the economic effects of Brexit, urging greater preparedness in the event of a no-deal Brexit. The Department for Exiting the European Union commissioned Professor Patrick Minford and his Cardiff Business School colleagues to write the report.
A no-deal Brexit would be an economic shock, but it could be managed if the United Kingdom is prepared. It implies that there could be temporary trade disruptions, but that these could be mitigated with careful planning. The report also recommends that the United Kingdom capitalise on opportunities created by Brexit, such as deregulation and free trade agreements with other nations.
Professor Minford stated in a statement that “preparation is essential if we are to capitalise on the potential opportunities arising from Brexit.” He added, “By taking a proactive stance, we can guarantee a smooth transition and prevent any long-term economic damage.”
The British government has released a new report on the economic effects of Brexit, which calls for increased preparedness in the event of a no-deal Brexit. The report, commissioned by the Department for Exiting the European Union and written by Professor Patrick Minford and his colleagues at Cardiff Business School, concludes that, while a no-deal Brexit would be an economic shock, it could be managed if the United Kingdom is prepared.
The report suggests that despite the possibility of short-term trade disruptions, these can be mitigated through careful planning. In addition, the report recommends that the United Kingdom capitalise on the opportunities created by leaving the European Union, such as deregulation and free trade agreements with other nations.
Professor Minford stated, “Preparation is essential if we are to capitalise on the potential opportunities presented by Brexit. We can ensure a smooth transition and prevent any long-term economic damage by taking a proactive approach.”
In order to avoid long-term economic damage and capitalise on new opportunities, the report emphasises the importance of increased preparation for a no-deal Brexit. The government of the United Kingdom has not yet issued an official response to the report, but it serves as a reminder of the importance of preparing for all possible outcomes after leaving the European Union.
