Why Professor Minford Says Brexit Will Boost U.K. Economy

The transcript discusses the economic implications of Brexit, focusing on the risks and benefits of a tariff-free world. It highlights the impact of devaluation on manufacturing and farming, the role of government support, and the potential gains for consumers. The discussion emphasizes the importance of competition in boosting productivity and the economy.

What is the primary sector of the British economy that is not protected by the EU?

• Retail

• Services

• Manufacturing

• Agriculture

What is one of the potential risks of adopting a unilateral free trade approach?

• Increased tariffs on exports

• Increased government spending

• Higher unemployment in manufacturing

• Decreased competition

How has the 15% devaluation affected UK manufacturing?

• It has reduced government support

• It has led to higher tariffs

• It has increased competitiveness

• It has decreased profits

What is a long-term requirement for UK manufacturers to remain competitive after the devaluation?

• More government subsidies

• Higher productivity

• Reduction in exports

• Increase in tariffs

What is one of the expected benefits of increased competition due to tariff reductions?

• Lower wages

• Improved productivity

• Higher unemployment

• Decreased consumer choice