A new poll of economists shows a strong consensus that a British exit from the European Union would damage growth, employment and household incomes.
Almost 90 percent of 600 economists polled by Ipsos Mori for the Observer said Britain’s future growth would be damaged by an EU exit.
In a just less than a month’s time, Brits will go to the polls for the first time since 1975 to decide whether they want to leave the EU and the consequences could be huge for the future of Europe and the global economy. (RELATED: What is Brexit? Everything You Need To Know About Britain’s EU Referendum)
The campaign to keep Britain in the EU has an edge in the polls and has been hammering the economic case for EU membership, warning there could be a recession if Britain left.
The Vote Leave campaign view immigration as their strongest card and argue Britain could take back control of its borders if it left the EU and reduce levels of immigration from Europe.
The new poll will likely boost the Remain campaign’s credibility on the economic arguments over Brexit. “For a profession known to agree about little, it is pretty remarkable to see this degree of consensus about anything,” said Paul Johnson, Director of the Institute for Fiscal Studies. (RELATED: Brexit The Movie Unmasks EU As A Dying Protectionist Block)
“It no doubt reflects the level of agreement among many economists about the benefits of free trade and the costs of uncertainty for economic growth.”
More than half of the economists polled said the Brexit would slash GDP growth by three percent or more over the next five years while five percent said the impact on growth would positive.
The respondents were drawn from the Royal Economic Society and the Society of Business Economists.
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