Brexit to pay £135billion annually to boost UK economy

A "hard" Brexit is "economically much superior to soft" argues

Prof Patrick Minford, lead author of a report from Economists

for Free Trade.

He says eliminating tariffs, either within free trade deals or

unilaterally, would deliver huge gains.

Other economists say cutting barriers sets off a "race to the

bottom".

Economist Monique Ebell from the National Institute of Social

and Economic Research (NIESR) says Prof Minford "ignores

decades of evidence on how trade actually works".

Ms Ebell's own research showed that if the UK left the single

market but made unilateral trade deals with major developing

economies and the Anglosphere, it would only claw back

about one-third of the 20-30% reduction in lost total trade by

leaving the EU.

Ms Ebell says many of the trade barriers that Prof Minford

argues to be removed are subtle, non-tariff barriers, such as

agreed common standards.

Campaigners against a hard Brexit said the plan amounts to

"economic suicide".

What is the customs union?

The UK is part of the EU customs union, and so imposes

tariffs - taxes on imports - on some goods coming into the

country.

Countries in the customs union don't impose tariffs on each

other's goods, and every country inside the union levies the

same tariffs on imports from abroad.

So, for example, a 10% tariff is imposed on some cars

imported from outside the customs union, while 7.5% is

imposed on roasted coffee.

Other goods have no tariffs.

The UK has said it is leaving the EU's customs union because

as a member it is unable to strike trade deals with other

countries.