§ Economists For Remain

Britain More Prosperous "IN"

We are economists who care about Britain and its future. We feel compelled to speak out on the risks of Leaving and opportunities from Remaining in the EU.

12 Nobel Laureates and over 175 UK based economists have signed this statement.

If Britain votes to Leave we believe that:

  • A recession causing job losses will become significantly more likely due to the shock and uncertainty of Brexit. With interest rates near zero and debt still high, the Bank of England and Government would have limited ability to prevent such a recession.
  • A drop in the pound and increased tariffs on imports will cause the costs of everyday goods to go up increasing inflation.
  • Investment in the UK will drop harming innovation and future job growth.
  • These impacts will fall most heavily on households with middle and low incomes.
  • Less growth means less government revenue which means higher taxes and less to spend on services like the NHS.

Leave will say these points are 'Project Fear'. We say they are 'Project Reality'. The Leave campaign's economics are built on dangerous fantasies. Leave say we will grow by unilaterally dropping our tariffs, but this would give up all of our negotiating power allowing other countries to raise tariffs and decimate our exporters. Leave also claim we will grow by freeing Britain from EU regulations. But most EU regulations for protecting workers, ensuring food safety, product safety, and a clean environment, would still be required to trade with the EU or US, and we'd want many of them for domestic reasons.

Leave have also misled the public on EU immigration. The UK unemployment rate today is 5.1%, significantly less than it was before EU enlargement - EU immigration hasn't taken jobs. In fact many industries from manufacturing to restaurants, hotels, and agriculture would suffer labour shortages without legal EU workers. And EU immigrants pay billions more in taxes than they claim in benefits and so are a net contributor to the Treasury. Finally, countries outside the EU such as Norway, Switzerland, and Australia have higher net migration relative to their populations than the UK.

We are not alone in our views. Credible, independent institutions like the IMF, OECD, Bank of England, Institute for Fiscal Studies, and London School of Economics have provided similar warnings. An Ipsos/MORI poll showed that 9 in 10 professional economists think Brexit would hurt the economy.

The EU is facing major challenges and in need of reform. Some of us have been significant critics of the EU. But Britain is far better off “in” leading that reform than “out” and isolated. Modern 21st century economies thrive on connections, trade, and exchanges between people and ideas. Britain has historically been an open, trading nation, deeply connected to its closest neighbours in Europe. By voting Remain on 23 June you will be voting for a more prosperous, more secure Britain.

Respectfully,

Professor, Nobel Laureate George Akerlof Georgetown University and University of California, Berkeley
Professor, Nobel Laureate Kenneth Arrow Stanford University
Professor Sir, Nobel Laureate Angus Deaton Princeton Universiy
Professor, Nobel Laureate Peter Diamond Massachusetts Institute of Technology
Professor, Nobel Laureate Robert F. Engle III New York University
Professor, Nobel Laureate James Heckman University of Chicago
Professor, Nobel Laureate Eric Maskin Harvard University
Professor, Nobel Laureate Daniel McFadden University of Southern California and University of California, Berkeley
Professor Emeritus Sir, Nobel Laureate James Mirrlees University of Cambridge
Professor Sir, Nobel Laureate Christopher A. Pissarides London School of Economics
Professor Emeritus, Nobel Laureate Robert Solow Massachusetts Institute of Technology
Professor, Nobel Laureate Joseph Stiglitz Columbia University
 
Professor Lord, President of the British Academy Nicholas Stern London School of Economics
Professor Lord Richard Layard London School of Economics
Lord Gus O'Donnell Former Cabinet Secretary
Professor Sir Anthony Atkinson London School of Economics and University of Oxford
Professor Sir Richard Blundell University College London and Institute for Fiscal Studies
Professor Sir David Hendry University of Oxford
Professor Sir John Hills London School of Economics
Professor Sir Richard Jolly University of Sussex
Professor, CBE David BlanchflowerFormer member of the Bank of England Monetary Policy Committee
Professor, CBE Charles Goodhart London School of Economics
Professor, CBE Anthony Venables University of Oxford
Professor, OBE Diane Coyle University of Manchester
Professor and Pro Vice Chancellor Nigel Healey Nottingham Trent University
Professor and Deputy Pro Vice Chancellor Stephen Hall University of Leicester
Professor and Head of School of Economics Simon Clark University of Edinburgh
Professor, Director John Van Reenen Centre for Economic Performance, London School of Economics
Executive Director Eric Beinhocker Institute for New Economic Thinking, University of Oxford
 
Professor Robert Ackrill Nottingham Trent University
Professor Ali Al-Nowaihi University of Leicester
Professor Guido Ascari University of Oxford
Professor Roger Backhouse University of Birmingham
ProfessorOriana BandieraLSE
Professor Emeritus Ray Barrell Brunel University London
Professor Timothy Besley London School of Economics
Professor Arnab Bhattacharjee Heriot-Watt University
Professor Holger Breinlich University of Nottingham
Professor Robin Burgess London School of Economics
Professor Simon Burgess University of Bristol
Professor Nauro Campos Brunel University London
Professor Wendy Carlin University College London
ProfessorMark CassonUniversity of Reading
ProfessorAlec ChrystalCass Business School
Professor David Cobham Heriot-Watt University
Professor Matt Cole University of Birmingham
Professor Tatiana Damjanovic Durham University
Professor Gianni De Fraja University of Nottingham
Professor Manthos Delis University of Surrey
Professor Sanjit Dhami University of Leicester
Professor Huw David Dixon Cardiff Business School
Professor Martin Ellison University of Oxford
Professor Christian-Oliver Ewald University of Glasgow
Professor J. Doyne Farmer University of Oxford
Professor John Fender University of Birmingham
Professor Martin Fransman University of Edinburgh
Professor Aditya Goenka University of Birmingham
Professor Ian Goldin University of Oxford
ProfessorMonica GiuliettiUniversity of Loughborough
Professor Ed Hopkins University of Edinburgh
Professor Christos Ioannidis University of Bath
Professor Peter Jackson University of Leicester
Professor Beata Javorcik University of Oxford
ProfessorGeraint JohnesLancaster University
ProfessorUma KambhampatiUniversity of Reading
Professor Tatiana Kirsanova University of Glasgow
Professor Paul Levine University of Surrey
Professor Ben Lockwood University of Warwick
Professor Steve Machin University College London
Professor James Malley University of Glasgow
Professor Christopher Martin University of Bath
Professor Mariana Mazzucato University of Sussex
Professor Sandra McNally University of Surrey
Professor Costas Milas University of Liverpool
Professor Giordano Mion University of Sussex
Professor Hassan Molana University of Dundee
ProfessorCatia MontagnaAberdeen Business School
Professor John Muellbauer University of Oxford
Professor Anastasia Nesvetailova City University of London
Professor Ozlem Onaran University of Greenwich
Professor Gulcin Ozkan University of York
Professor Keith Pilbeam City University of London
Professor Graham Room University of Bath
Professor JMC Santos-Silva University of Surrey
Professor Stuart Sayer University of Edinburgh
Professor Emeritus Peter Sinclair University of Birmingham
Professor Frank Skinner Brunel University
Professor Peter Smith University of York
ProfessorChris StarmerUniversity of Nottingham
Professor Peter Spencer University of York
Professor Jakub Steiner University of Edinburgh
Professor Margaret Stevens University of Oxford
Professor Emeritus Frances Stewart University of Oxford
ProfessorAlan SutherlandUniversity of St Andrews
Professor Robert Taylor University of Essex
ProfessorChristoph ThoenissenThe University of Sheffield
Professor Ian Tonks University of Bath
Professor Jan Toporowski University of London
Professor Mehmet Ugur University of Greenwich
Professor Leighton Vaughan Williams Nottingham Trent University
ProfessorJohn Wilson University of St Andrews
Professor David Vines University of Oxford
Professor Emeritus John Weeks University of London
Professor Robert Witt University of Surrey
Professor Simon Wren-Lewis University of Oxford
Professor Tony Yates University of Birmingham
Professor Daniel Zizzo Newcastle University
 
Associate Professor Simon Appleton University of Nottingham
Associate Professor Christopher Bowdler University of Oxford
Associate Professor Alesandra Ferrari University of Reading
Associate Professor Andrea Ferrero University of Oxford
Associate Professor Daniela Gabor UWE Bristol
Associate Professor Christos Kolympiris University of Bath
Associate Professor Alexander Mihailov University of Reading
Associate Professor Thijs van Rens University of Warwick
Assistant Professor Ralf Martin Imperial College
 
DrFederica Alberti University of Portsmouth
MrColin Ash University of Reading
Dr. Peter Backus University of Manchester
Dr. Abigail Barr University of Nottingham
DrJo Blanden University of Surrey
DrPeter Bloom The Open University
Dr. Yang Bo Swansea University
DrGianna Boero University of Warwick
Dr. Sean Brocklebank University of Edinburgh
Dr. Cristiano Cantore University of Surrey
Dr. Joanna Clifton-Sprigg University of Bath
Dr. Agelos Delis Aston University
Dr. Matt Dickson University of Bath
Dr. Marco Ercolani University of Birmingham
Dr. Jan Fidrmuc Brunel University
Dr. Maria Garcia-Alonso University of Kent
Dr. Chryssi Giannitsarou University of Cambridge
Dr. Sara Gorgoni University of Greenwich
Dr. Liam Graham University College London
DrAdelina Gschwandtner University of Kent
Dr. Ian Gregory-Smith University of Sheffield
Dr. Jan Grobovsek University of Edinburgh
Dr. Tom Holden University of Surrey
Dr. Peter Holmes University of Sussex
Dr. John Houston Glasgow Caledonian University
Dr. Ethan Ilzetzki London School of Economics
Dr. Adi Imsirovic University of Surrey
Dr. Gregory James Loughborough University
DrSarah Jewell University of Reading
Dr. Chris Jones Aston Business School
Dr. Alexander Karalis Isaac University of Warwick
Dr. Tatiana Kornienko University of Edinburgh
Dr. Sarolta Laczó University of Surrey
Dr. Neil Lancastle De Montfort University
Dr. Joao Madeira University of York
Dr. Sara Maioli Newcastle University
Dr. Alexander Mandilaras University of Surrey
Mr. John Marsh Nottingham Trent University
Dr. Frederico Martellosio University of Surrey
Dr. Jolian McHardy University of Sheffield
Dr. Antonio Mele University of Surrey
Dr. Andrew Mell University of Oxford
Dr. Damon Morris University of Sheffield
Dr. David Morris Aston Business School
Dr. Nicholas Myers University of Edinburgh
Dr. Antonio Navas University of Sheffield
Dr. Kyriakos Neanidis University of Manchester
Dr. Juan Paez-Farrell University of Sheffield
DrStefania Paredes Fuentes University of Warwick
Dr. Jonathan Perraton University of Sheffield
Dr. Andrew Pickering University of York
Dr. Dimitra Politi University of Edinburgh
Dr. and Deputy Head of Dept. Peter Postl University of Bath
Dr. J. James Reade University of Reading
Dr. Pontus Rendahl University of Cambridge
Dr. (Assoc Dean Research) Patricia Rice University of Oxford
Dr. Mary Robertson University of Greenwich
Dr. Raffaele Rossi University of Manchester
Dr. Tomás Rotta University of Greenwich
Dr. Jeff Round University of Bristol
Dr. Colin Rowat University of Birmingham
Dr. Ozge Senay University of St. Andrews
Dr. Kavita Sirichand Loughborough University
DrSamue Smithers Department of Work and Pensions
Dr. Christian Soegaard University of Warwick
Dr. Michalis Stamatogiannis University of Liverpool
Dr. Radek Stefanski University of St. Andrews
Dr. Frank Strobel University of Birmingham
DrRoman Sustek Queen Mary, University of London
DrNicole Tabasso University of Surrey
Dr. William Tayler Lancaster University
Dr. Emma Tominey University of York
DrGianpiero Torrisi University of Portsmouth
Dr. Flavio Toxvaerd University of Cambridge
Dr. Kei Tsutsui University of Bath
Dr. Sam Wills University of Oxford
Dr. Robert Zymek University of Edinburgh
Professor Nicholas BloomStanford University
Professor Philippe Aghion Harvard University