A member of Britain's diplomatic service has won a 100,000 euro ($140,000) cash prize for his proposal outlining a blueprint for Britain after its potential exit from the European Union.
Iain Mansfield was awarded the "Brexit Prize" at an event hosted by the Institute of Economic Affairs (IEA) in central London on Tuesday night. Mansfield, 30, is the Director of Trade and Investment at the UK's embassy in the Philippines. His winning proposal, "A Blueprint for Britain: Openness not Isolation" calls for the UK to join Iceland, Liechtenstein, Norway and Switzerland in the European Free Trade Association (EFTA) and introduce a "Great Repeal Bill" to review and ultimately dismantle EU regulations.
Mansfield argues that such actions would promote trade between Britain and emerging markets while reducing bureaucratic burdens on British business. He claims that UK GDP would increase by £1.3 billion ($2.17 billion) under his proposal.
The IEA, a nonpartisan free-market think tank based in London, introduced the Brexit Prize in July 2013 to "improve the debate about what an independent Britain would and could look like outside the EU, given that exit is an increasing possibility after the next election."
Recommended Content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD continues its downward trend for the fourth consecutive day, driven by a stronger US Dollar influenced by the hawkish market sentiment surrounding the Federal Reserve and expectations of prolonged higher interest rates.
GBP/USD: The first downside target is seen at the 1.2600–1.2605 zone
GBP/USD trades on a weaker note around 1.2620 during the early European session on Friday. The decline of Pound Sterling is backed by the growing speculation that the Bank of England will begin the rate-cut cycle this year.
Gold ends Q1 2024 at record highs, what’s next?
Gold is sitting at an all-time high of $2,236, lacking a trading impetus amid holiday-thinned conditions on Good Friday. Most major world markets, including the United States are closed in observance of Holy Friday, leaving volatility around Gold price highly subdued.
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple price has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days.
US core PCE inflation set to ease in February on month as Federal Reserve rate cut bets for June mount
The core Personal Consumption Expenditures Price Index is set to rise 0.3% MoM and 2.8% YoY in February. The revised Summary of Projections showed that policymakers upwardly revised end-2024 core PCE forecast to 2.6% from 2.4%.