Ignoring the democratic will of the British people and reversing the Brexit process would boost the UK economy, the globalist economic body, the OECD has said.
A new referendum or a change of government leading to the UK staying inside the European Union (EU) would have a “significant” positive impact on growth, the Organisation for Economic Co-operation and Development (OECD) claimed.
The OECD’s secretary general, Angel Gurria, said that should the Brexit vote be honoured, any future relationship with the EU should be close: “It will be crucial the EU and the UK maintain the closest economic relationship possible.”
Chancellor Philip Hammond said the UK would consider a report by the OECD and act where it could at a press conference following report’s release.
He said: “[By] delivering a time-limited transition period, avoiding a disruptive cliff-edge exit from the EU, we can provide greater certainty for businesses up and down the UK, and across the European Union.”
UKIP Brexit spokesman Gerard Batten MEP said in response to the comments from the OECD: “The international Remain campaign is ramping up.
“Given the OECD’s history packed with erroneous predictions, it’s surprising that anyone currently takes it seriously.
“The OECD has allowed political ideology to triumph over economic facts for too long.
“Brexit is here to stay, it would be better if economic organisations accepted that fact and prepared for what is going to happen instead of trying to roll back the British peoples’ democratic vote.”
During the referendum campaign, the OECD predicted the UK’s economy would almost completely stop growing after a Brexit vote. However, growth and consumer spending remained strong and exports benefited from a weaker pound.
A few months after the June vote, they were forced to revise up their prediction for UK economic growth to 1.8 per cent for 2016, up from their 0.1 per cent prediction made before the vote.