The UK has been urged to follow a Singapore-type model post-Brexit, with low tax and low regulation policies.
According to former Defra Secretary Owen Paterson in a column for The Telegraph, a low-spend economy would achieve higher living standards.
“If we are to thrive, our post-Brexit model should exactly be Singapore, a tiny country devoid of natural resources, but with a booming economy,” Mr Paterson wrote in his column on Tuesday (21 November).
A prominent voice in the Leave campaign, he has also urged Britain to quit Brexit talks immediately and begin trading on WTO rules.
Mr Paterson warned Britain was at risk of "drifting" while other countries moved forward with their trade regimes.
The Tory MP pointed to the US and India, which have recently doubled their trade with the EU while on WTO rules, while Britain has lagged behind in the single market.
'Look east'
In his article, Mr Parterson wrote: “My proposition is simple. There is not much point leaving the EU and its bureaucratic jungle of regulations, only to run our economy on precisely the same lines as before.”
Tomorrow's Autumn Budget (Wednesday 22 November) is seen as an opportunity for a change in UK financial policy – a chance to signal that the government will make Britain one of the world’s most competitive economies, Mr Paterson explained.
He wrote: “Chancellor Philip Hammond should look east when he rises to his feet on Wednesday, not to the sluggish, overtaxed and overregulated states across the Channel”.
Mr Paterson added: “As we battle our way to the door and prepare to say goodbye to Brussels, the chancellor should recognise that Brexit means bravery and boldness. Let Singapore be our model.”
However, critics of adopting a Singapore style approach insist it would be bad for UK agriculture. No tariffs of any kind could have a strong negative effect on the industry, as importing goods such as food would in many cases be cheaper than producing them in the UK.
