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Former Bank of England economist explains why BREXIT will damage the economy

September 1, 2017 7:59 PM

Brexit Euro&Union Jack

On 18 July in Washington DC leading experts gathered at AEI (American Enterprise Institute) to discuss the challenges and opportunities of Brexit after the United Kingdom elections. Former Bank of England policy maker, economist and PIIE (Peterson Institute for International Economics) president Adam Posen - while stating he didn't at present foresee that a reversal on Brexit would happen - said that the United Kingdom's choice to introduce barriers with the European single market will damage Britain's economy.

Link to YouTube video

He also reflected on what the values are behind Brexit, saying the arguments for free markets aren't just about economic efficiency, they are also about morality, openness and interchange with other peoples and about foreign policy, saying the vote for Brexit with so much emphasis on border control and symbolism was one that was largely based on ideology:

"It is an ideology that is ethnonationalist, it is an ideology that distrusts free markets and competition, it is an ideology that distrusts change. Again they have the right to do this, but do not kid yourselves about what the values are, they are not values of anything anyone in this building should support."

You can watch the full event 'Brexit after the United Kingdom election' (2 hours) via American Enterprise Institute on Youtube https://youtu.be/on1KzBvSONQ