Britain’s Institute of Economic Affairs has offered a EUR 100,000 cash prize for those who provides the most compelling vision about how the country can survive outside the European Union.

The Brexit Prize, referring to talk about a British exit, or “Brexit”, from the EU, asks entrants to imagine that a referendum has resulted in an “Out” vote and the Government has triggered Article 50 of the Lisbon Treaty.

They are then invited to compose a “Blueprint for Britain” outside the EU, covering the process of withdrawal and the post-exit repositioning of the UK in the global trading and governance systems.

The submissions will be assessed by a panel of judges, including the former Chancellor Nigel Lawson, broadcaster David Starkey and Tim Frost of the London School of Economics.

“To date much of this debate has generated more heat than light. It is crucial that we should look into the policy framework that would be needed if Britain decides to leave the EU,” Lawson said, as cited by The Independent.

“Now that we have been promised an in-out referendum on Britain and the EU in 2017, it is essential this momentous decision is preceded by a well-informed debate. The winning entries in this competition will be an important contribution to that process.”

According to Mark Littlewood, director-general of the Institute of Economic Affairs, it is time for the EU debate to be dominated by serious thought rather than bluster.

“There is an urgent need to consider the alternatives for Britain’s economic and constitutional position if we were to choose to leave the EU.

“Exit from the European Union now has to be considered to be a serious possibility. The task of mapping out a successful future on the outside requires serious thought and requires it now.”

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