The Bank of England is likely to outline the risks of Brexit in today’s <em>Inflation Report</em>

Leaving the European Union would be a “major mistake” that would cost Britain in both the short and the long term, almost 200 economists are warning today.

In a letter to The Times, 171 academic and 25 non-academic economists say that Brexit would “entail significant long-term costs”. Uncertainty as Britain negotiates new trade relationships with the EU and the rest of the world would “weigh heavily for many years”.

The immediate aftermath of a vote to leave in next month’s referendum would probably see a “short-term shock to confidence”, they said.

The intervention by so many university academics will strengthen the Remain campaign, which claims that the economic argument has been won.

The letter came as it emerged that four fifths of Britain’s large