Pro-Brexit Economists: Exit Could Boost Economy by £135 Billion

The United Kingdom is pressuring the European Union (EU) to shift the focus of Brexit negotiations to future partnerships.

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On Sunday, pro-Brexit economists estimated that leaving the EU single market could boost the economy by £135 billion ($173 billion) and lower prices by opening up global free trade.

The group, Economists for Free Trade, estimates comes ahead of International Trade Secretary Liam Fox heads to Panama and Colombia.

The Times reported that pro-Brexit Fox has written to cabinet members suggesting that Scotland, Wales and Northern Ireland not be given veto powers on future post-Brexit trade deals.

The Scottish National Party retorted that his recommendation would mark a “dangerous precedent,” giving the central government absolute power to overrule decisions by the semi-autonomous Scottish and Welsh governments to, for example, ban genetically modified foods.

Salmon, whiskey set export record for Britain

The UK has experienced a trade boost, according to the Food and Drink Federation (FDF), which reports that Britain hit record numbers in export during the first half of 2017 increasing by 8.5 percent for the same period in 2016.

A spokesman for the FDF said, "While the fall in the price of the pound had helped to boost UK export competitiveness, this currency weakness has also led to an increase in the cost of many essential imported ingredients and raw materials."

"This has resulted in the UK's food and drink trade deficit increasing by 16 percent to $16 billion during the review period," he added.

Whiskey, salmon and beer were the three top products, while the major countries were South Korea (+77 percent), China (+35 percent) and Belgium (+39 percent).Exports to the other 27 EU member states grew at a faster rate than to non-EU markets.

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Ian Wright, FDF director general, said, "We want to work with the government to take advantage of increased demand for UK products overseas and the opportunities that leaving the EU is expected to create."

The study identified China, India and the United Arab Emirates as being potential target markets for food and drink companies.

British Food Minister George Eustice said, "We have ambitious plans to produce and export more of our fabulous foods around the world and more businesses are trying exporting for the first time."