This blog posting is the first in a series on the 2016 Bank of England stress tests. A fuller report, “No Stress III: the Flaws in the Bank of England’s 2016 Stress Tests”, will be published later in the year by the Adam Smith Institute.

Alex Morton (a No 10 policy advisor under David Cameron) has written a piece for ConHome that attempts to show that there is no particular reason for free marketeers to support liberal immigration policies. 

He is not very persuasive and mostly relies on his intuition to make his case. But since he mentions the Adam Smith Institute I feel obliged to respond. Conservatives reading his post deserve to hear more than Morton's gut instinct about immigration policy.