‘Brexit’: IEA Offers Prize For UK Exit Plan From EU

UK and EU flags

The IEA Brexit prize is denominated in euros, not pounds

The Institute of Economic Affairs (IEA) has announced that it is holding a competition to find the best plan for a UK exit from the European Union.

The free-market think tank said it would award its Brexit Prize to whoever came up with the best blueprint for the UK after the EU, covering the country’s withdrawal and post-exit repositioning.

The winning entry will be awarded 100,000 euros (£86,525).

The IEA said it was time to look at how the UK might fare without the EU.

It said: “We need to give serious consideration to how the UK could have a free and prosperous economy outside the EU, given that exit is a serious possibility after the next election.”

Entrants, who can be individuals or corporate bodies, are invited to submit a 2,000-word outline proposal by 16 September. The authors of about 20 of those entries will be given four months to produce a more detailed version.

The nine judges include former Chancellor of the Exchequer Lord Lawson, who wrote a newspaper article in May calling for the UK to leave the EU.

Another judge is economist Roger Bootle, founder of Capital Economics, who won last year’s £250,000 Wolfson Economics prize awarded for the best plan for dealing with member states leaving the eurozone.

Lord Lawson said he welcomed the IEA’s initiative, adding: “Now that we have been promised an in-out referendum on Britain and the EU in 2017, it is essential that this momentous decision is preceded by a well-informed debate. The winning entries in this competition will be an important contribution to that process.”