90% of economists believe a Brexit would harm UK economic growth
There is remarkable consensus among economists that a Brexit would harm UK economic growth.
An overwhelming 88% of economists who took part in an online survey for The Observer believe that leaving the EU and the single market would be detrimental to Britain’s growth prospects over the next five years.
In addition, 82% of the 600 economists who took part in the poll believe family incomes would be hit hard by a Brexit, while 61 percent think leaving the EU would increase unemployment.
The findings come as a boost for Prime Minister David Cameron, who has recently been accused of “scaremongering” the British public about the economic loss associated with a Brexit.
David Cameron issued a response to the results of the survey: “This poll confirms the overwhelming view of economists – leaving the EU would damage our economy, costing jobs and increasing prices. We are stronger, safer and better off in the EU.”
Former Lib Dem business secretary Sir Vince Cable said: “Nine in 10 of the country’s top economists now agree that leaving the EU single market would be hugely damaging to our economy.
“This adds to the existing consensus amongst economic experts, from the IMF to the Bank of England, that a vote to leave would hurt jobs and family finances.”
Britain Stronger in Europe campaign director Will Straw said: “This is the final nail in the coffin of the leave campaign’s economic credibility. It is becoming clear that leaving is a risk we simply cannot afford to take.”
However, the Vote Leave campaign noted that economists have been wrong in the past about what’s best for Britain.
“There was a cosy consensus among economists supporting Britain scrapping the pound 15 years ago… they were wrong then and they are wrong now,” Matthew Elliott, chief executive of Vote Leave, said in a statement.