On Radio 4, an Oxford professor, Professor Ngaire Woods, tried to spin that Brexit would be a disaster for the UK. But forceful Gerard Lyons, fought back to clobber the lady, deriding Planet Fear.
Speaking on BBC Radio 4’s Today programme, Professor Woods said: “If the United Kingdom can do 60 trade deals in short order then my gloom would indeed be wrong but that is absolutely impossible.
I don’t think there’s anybody, even the most fervent Brexiteer, that would argue that we can actually do that – in other words – that we can replace the huge free market that we have with the EU and the 60 countries that have free trade agreements with it.
“The other thing that is absolutely crucial is the whole Brexit case on trade has relied on the idea that we can fall back on WTO terms – we cannot because the British economy, 80 per cent of the British economy relies on services and WTO does not protect our access to services with other countries.”
The above graph shows that the UK is outgrowing its Eurozone rivals.
Mr Lyons, who worked as Boris Johnson’s chief economic advisor while he was the Mayor of London, fired back.
He said: “Look, Project Fear continues to work and it’s going to continue to be wrong, this is really irritating for your listeners.
“The facts of the matter is that the service sector is the important part of the economy, we know that the service sector does not work properly in terms of the single market.
“The outlook for Brexit depends on three things – on the domestic economy, all the data is positive, it depends on our relationship with the EU and it depends on our ability to cut trade deals with the rest of the world.
“And the IMF today is saying the world economy is good and against that backdrop the British economy, which is growing solidly for eight years and remember last July and two years ago in July before Brexit the IMF also cut their forecast for UK growth, they’re far too pessimistic… Brexit is good economic news.”
The row comes after the IMF’s first downgrade for the UK since the Brexit vote with it expecting the British economy to grow by 1.7 per cent this year, 0.3 per cent down from its last prediction in April.
It also amazes me that even now, Oxford professors still think that Brexit was only about cash. Nobody denies that the economy, jobs, growth are vital, but other issues were most important to Brexiteers. We do not want German rule. We want rid of EU control. We want British Law, freedom, sovereignty and our rights back. Don’t Oxford professors ever think of these things?