If Britain votes to Leave we believe that:

A recession causing job losses will become significantly more likely due to the shock and uncertainty of Brexit. With interest rates near zero and debt still high, the Bank of England and Government would have limited ability to prevent such a recession.

will become significantly more likely due to the shock and uncertainty of Brexit. With interest rates near zero and debt still high, the Bank of England and Government would have limited ability to prevent such a recession. A drop in the pound and increased tariffs on imports will cause the costs of everyday goods to go up increasing inflation .

. Investment in the UK will drop harming innovation and future job growth .

. These impacts will fall most heavily on households with middle and low incomes .

. Less growth means less government revenue which means higher taxes and less to spend on services like the NHS.

Leave will say these points are 'Project Fear'. We say they are 'Project Reality'. The Leave campaign's economics are built on dangerous fantasies. Leave say we will grow by unilaterally dropping our tariffs, but this would give up all of our negotiating power allowing other countries to raise tariffs and decimate our exporters. Leave also claim we will grow by freeing Britain from EU regulations. But most EU regulations for protecting workers, ensuring food safety, product safety, and a clean environment, would still be required to trade with the EU or US, and we'd want many of them for domestic reasons.

Leave have also misled the public on EU immigration. The UK unemployment rate today is 5.1%, significantly less than it was before EU enlargement - EU immigration hasn't taken jobs. In fact many industries from manufacturing to restaurants, hotels, and agriculture would suffer labour shortages without legal EU workers. And EU immigrants pay billions more in taxes than they claim in benefits and so are a net contributor to the Treasury. Finally, countries outside the EU such as Norway, Switzerland, and Australia have higher net migration relative to their populations than the UK.

We are not alone in our views. Credible, independent institutions like the IMF, OECD, Bank of England, Institute for Fiscal Studies, and London School of Economics have provided similar warnings. An Ipsos/MORI poll showed that 9 in 10 professional economists think Brexit would hurt the economy.

The EU is facing major challenges and in need of reform. Some of us have been significant critics of the EU. But Britain is far better off “in” leading that reform than “out” and isolated. Modern 21st century economies thrive on connections, trade, and exchanges between people and ideas. Britain has historically been an open, trading nation, deeply connected to its closest neighbours in Europe. By voting Remain on 23 June you will be voting for a more prosperous, more secure Britain.

Respectfully,

Professor, Nobel Laureate George Akerlof Georgetown University and University of California, Berkeley Professor, Nobel Laureate Kenneth Arrow Stanford University Professor Sir, Nobel Laureate Angus Deaton Princeton Universiy Professor, Nobel Laureate Peter Diamond Massachusetts Institute of Technology Professor, Nobel Laureate Robert F. Engle III New York University Professor, Nobel Laureate James Heckman University of Chicago Professor, Nobel Laureate Eric Maskin Harvard University Professor, Nobel Laureate Daniel McFadden University of Southern California and University of California, Berkeley Professor Emeritus Sir, Nobel Laureate James Mirrlees University of Cambridge Professor Sir, Nobel Laureate Christopher A. Pissarides London School of Economics Professor Emeritus, Nobel Laureate Robert Solow Massachusetts Institute of Technology Professor, Nobel Laureate Joseph Stiglitz Columbia University Professor Lord, President of the British Academy Nicholas Stern London School of Economics Professor Lord Richard Layard London School of Economics Lord Gus O'Donnell Former Cabinet Secretary Professor Sir Anthony Atkinson London School of Economics and University of Oxford Professor Sir Richard Blundell University College London and Institute for Fiscal Studies Professor Sir David Hendry University of Oxford Professor Sir John Hills London School of Economics Professor Sir Richard Jolly University of Sussex Professor, CBE David Blanchflower Former member of the Bank of England Monetary Policy Committee Professor, CBE Charles Goodhart London School of Economics Professor, CBE Anthony Venables University of Oxford Professor, OBE Diane Coyle University of Manchester Professor and Pro Vice Chancellor Nigel Healey Nottingham Trent University Professor and Deputy Pro Vice Chancellor Stephen Hall University of Leicester Professor and Head of School of Economics Simon Clark University of Edinburgh Professor, Director John Van Reenen Centre for Economic Performance, London School of Economics Executive Director Eric Beinhocker Institute for New Economic Thinking, University of Oxford Professor Robert Ackrill Nottingham Trent University Professor Ali Al-Nowaihi University of Leicester Professor Guido Ascari University of Oxford Professor Roger Backhouse University of Birmingham Professor Oriana Bandiera LSE Professor Emeritus Ray Barrell Brunel University London Professor Timothy Besley London School of Economics Professor Arnab Bhattacharjee Heriot-Watt University Professor Holger Breinlich University of Nottingham Professor Robin Burgess London School of Economics Professor Simon Burgess University of Bristol Professor Nauro Campos Brunel University London Professor Wendy Carlin University College London Professor Mark Casson University of Reading Professor Alec Chrystal Cass Business School Professor David Cobham Heriot-Watt University Professor Matt Cole University of Birmingham Professor Tatiana Damjanovic Durham University Professor Gianni De Fraja University of Nottingham Professor Manthos Delis University of Surrey Professor Sanjit Dhami University of Leicester Professor Huw David Dixon Cardiff Business School Professor Martin Ellison University of Oxford Professor Christian-Oliver Ewald University of Glasgow Professor J. 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