BBC News reports on the launch of the IEA's Brexit Prize.
The Institute of Economic Affairs (IEA) has announced that it is holding a competition to find the best plan for a UK exit from the European Union.
The free-market think tank said it would award its Brexit Prize to whoever came up with the best blueprint for the UK after the EU, covering the country's withdrawal and post-exit repositioning.
The winning entry will be awarded 100,000 euros (£86,525).
The IEA said it was time to look at how the UK might fare without the EU.
It said: "We need to give serious consideration to how the UK could have a free and prosperous economy outside the EU, given that exit is a serious possibility after the next election."
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