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Beyond Brexit: Smarter Labour Policy to Boost Trade, Productivity, and Welfare

Philip Hammond, Chancellor of the Exchequer, has assured people that post-Brexit labour policy will be about the “cream of the crop,” making sure that high-skilled workers won’t face excessive red tape or heavy-handed visa rules if they want to work in the UK. The “migration problem,” in Hammond’s words, is not with “computer professors, brain surgeons, or senior managers.” A migration policy built on that creaky premise misses at least three key points: gains from trade, mutual productivity, and huge welfare gains.