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
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at email@example.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.