UK Economist Says Brexit Won’t Lead to Large Migrations

It will be “extremely difficult” to deliver deep cuts in immigration if Britain leaves the European Union, a leading British economist has warned.

If cuts of 50% were achieved, Jonathan Portes, a former chief economist at the Cabinet Office, said the long-term consequences would lead to a 2p increase in income tax.

Writing in a paper for the National Institute of Economic and Social Research published on Tuesday lunchtime, Portes addsthat leaving the EU would take Britain into new territory for immigration policy.

He says the option of voting to leave but staying within the EU free movement area to qualify for access to the single market will mean only a small reduction in migration to Britain is possible. “Indeed, both Switzerland and Norway have higher levels of migration from within the EU than the UK does now,” he says.

via The Guardian

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, he established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza