Brexit is set to boost Britain's economy
The welcome forecast, made by the Institute for Fiscal Studies in its annual Green Budget, is in stark contrast to the Remain campaign’s Project Fear doom-mongering.
The think tank said the UK would have an extra £13.4 billion to spend on public services if it ceased EU contributions the instant it left the bloc.
They claimed even if the country continues to pay towards some essential projects, such as Europol, and took on payment itself for some EU-funded projects, for example agriculture subsidies, it would still have £8 billion left.
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Researcher Thomas Pope said: “There is actually one quite positive risk on the spending front.
“The current forecasts assumes that when we stop making the EU contribution we will continue to spend all that money elsewhere in the public sector.
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“However, we could replace all the EU funding that currently takes place in the UK and still have about £8bn left over which we could use to reduce the deficit.”
Their Green Budget report said: “It is quite possible that the government will choose to spend less than £13.4 billion – not least because the UK pays more into the EU budget than the EU spends in the UK – so there is some upside risk here.
Theresa May's Brexit plan Mon, January 16, 2017
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Continued cooperation with the EU to tackle terrorism and international crime.
“In recent years, the amount the UK contributes to the EU budget, net of both the rebate and the spending done by the EU in the UK, has been running at about £8 billion a year.”
The predictions clashed jarringly with pre-referendum predictions Brexit would cause economic chaos in Britain.
Britain could net £8n by leaving the EU, a think tank has claimed
Britain's economy has responded strongly to last June's Leave victory
Then-Chancellor George Osborne warned a Leave victory would lead to an emergency budget with huge tax increases.
The Remain campaigner also warned leaving the EU would cost each family £4,300 per year by 2030.
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