“Being outside the single market has had a cost to the British economy”
“That was never going to be true and it has proven not to be true.”
He also said the government should consider relaxing immigration rules to avoid sending the country into recession.“And there are two ways we can tackle this, you can either dampen down the economy as a whole by raising interest rates and reducing economic activity [and] slowing growth. Or you could try to soften the labour market, which of course, in the days when we were in the single market would have happened automatically, more labour would have come in, attracted by higher wage rates here.
“That's not happening now. And I think the government has regarded any relaxation of migration rules as being politically toxic.
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