EU referendum: Michael Gove says there will not be an economic shock from Brexit in contrast to IMF, WTO and World Bank

James Nickerson
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Education Secretary Michael Gove Speech On Education Reform
Gove said that there will be economic benefits from leaving the EU (Source: Getty)

The International Monetary Fund, World Trade Organisation and World Bank are all wrong according to justice secretary Michael Gove, who has said there would be no economic shock after a Brexit vote.

Speaking ahead of his EU intervention later, Gove said that there would not be a short-term shock from Britain leaving the EU, nor a long-term economic cost.

Instead, Gove pointed to Open Europe, a London-based think-tank, which says the UK will actually benefit from leaving the EU and "in ridding some regulatory barriers".

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In an interview with BBC, Nick Robinson asked if Gove denied the view of "every independent economic forecaster one can find" that a cost exists.

"I absolutely do," Gove replied. "There are a number of economic forecasters that have made it clear there are benefits."

"We've had Former chancellor Nigel Lawson who has made it clear; Digby Jones, former head of the CBI, who has made it clear; Simon Wolfson, the chief executive of Next, who has made it clear; and John Longworth, former head of the British Chambers of Commerce, who has made it clear we would be better off economically outside the EU," he added.

Gove's comments to the BBC came ahead of a speech in London, where he argued that leaving the EU would be an act of liberation.

Read more: This is what the Treasury thinks will happen if we vote for a Brexit

At a Vote Leave event, Gove said that those in the Remain camp are treating voters "like children who can be frightened into obedience".

The justice secretary said the Remain camp is guilty of "conjuring up bogeymen" to try to win the vote.

He also took fire at the chancellor after the Treasury forecast that UK households will be £4,300 worse off a year by 2030 if the UK leaves the EU. Gove warned that Britain will be “paying the bills for the euro’s failure”.

He added that the UK would be part of the European free trade zone and have access to the European Single Market, but not subject to "EU regulation which costs us billions of pounds a year".

Meanwhile, Gove added, the UK would be free to make trade deals with countries including the US, China and India.

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