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MPs will be given a vote on ruling out quitting the bloc unless an agreement is in place if Theresa May’s exit plan is rejected on Tuesday. But the pro-Leave Economists for Free Trade group has made a last push to keep the option on the table and accused Remainers of “Project Fear” hysteria about walking away. Its analysis found Britain will flourish if it leaves on March 29 on world trade rules.

"In its attempt to force through its EU Withdrawal Agreement, the Government is painting a no-deal Brexit as some sort of disaster,” the report states.

"It is, in fact, a recipe for economic success - free of the shackles of EU protectionism, budget costs, intrusive regulation and subsidisation of unskilled immigration."

According to the research, leaving the customs union and single market would increase national output by seven per cent over 15 years, a £140 billion boost.

The group said the benefits come from an increase in free trade with countries outside the EU that currently face high tariffs for doing business in the bloc.

Cutting red tape would lead to a two per cent boost for the economy and a lower benefits bill from curbing unskilled migration from the bloc was also factored into the calculations as well as the the annual £10 billion fee for EU membership.

The EFT said tariffs imposed by the EU push up the cost of food and goods in the UK by 10 per cent, so lowering prices would increase consumer spending.