Professor Minford has urged the Prime Minister to just walk away from the EU
Patrick Minford, a former adviser to Margaret Thatcher, urged the Prime Minister to abandon negotiations with Brussels for a new deal in favour of “simply walking away” from the bloc.
Quitting the EU “lock, stock and barrel” as soon as possible would be a massive boost the UK economy, he said.
Professor Minford, who lectures in applied economics at Cardiff University, spoke out a day after the Bank of England unveiled a package of measures to support the economy following the country’s historic vote to quit the EU in the referendum in June.
He insisted British business was already benefiting from the move towards Brexit and argued that finalising the departure would accelerate growth.
He wrote in a newspaper article: “The reality is that the situation of ordinary households has never been better: real disposable incomes are rising at more than three per cent and employment levels are at a record high.”
Prof Minford’s intervention follows growing questions about the Government’s Brexit plans.
Mrs May, who supported remain in the EU during the referendum campaign, has repeatedly insisted that “Brexit means Brexit” since taking over in Downing Street last month.
She has also delayed triggering Article 50 of the EU’s Lisbon Treaty, the formal procedure for leaving the bloc, until next year.
Activating that clause would then begin a two-year negotiation period for arranging a departure deal with Brussels.
But some experts and MPs argue that the UK would be better off not bothering with the negotiations and unilaterally cutting ties with Brussels without a deal.
Prof Minford warned that former prime minister David Cameron’s failed attempt to negotiate a new EU membership deal for Britain showed that further negotiations were likely to be a waste of time.
Prof Minford wrote: “The bald truth is that, as David Cameron found out, the EU has virtually no flexibility when each of the 27 countries holds a veto.
“Theresa May should save us all time and policy delays by simply walking away from the EU lock, stock and barrel.”
The sooner Britain quit the EU the faster the country would feel the economic benefits, he said.
Mrs May has delayed triggering Article 50 until next year