TheCityUK is now singing the praises of quitting the EU
TheCityUK, which previously predicted Brexit would be a disaster for the UK economy, has come out as one of its strongest supporters as the date set by prime minister Theresa May to trigger Article 50 approaches.
The group, which represents banks, finance firms and the professional services industry, is now singing the praises of quitting the EU, saying it presented an “unprecedented opportunity” to develop new trade and investment policies.
Billed as a “once-in-a-generation” event, the UK was now able to re-establish commercial relationships with the rest of the world, outside Europe, they said.
The group previously warned of the dangers of the leaving the EU, but has now changed its tune and highlighted aspects of EU membership which acted as a “straitjacket” on Britain, stopping it forming trade deals outside the bloc.
Theresa May's 12 point Brexit plan Mon, January 16, 2017
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Continued cooperation with the EU to tackle terrorism and international crime.
Gary Campkin, director of policy and strategy, said: “TheCityUK is a strong believer in the potential opportunities that the UK’s departure from the European Union will offer.
"It reflects the fact that there was a vote to leave the EU and as a result there are a whole range of challenges and opportunities.
"An area of opportunity in leaving the EU is the opportunity for first time in 40-plus years to have an independent trade and investment policy.
He praised Mrs May’s strong stance and ‘hard Brexit’ approach
“In many ways global rules on services trade have lagged behind those on manufactured goods and agriculture.”
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Mr Campkin said he wanted to see the Government focusing on renewing markets which received less attention from the EU.
He hoped he UK would lead other countries to “modernise and update” the rules governing trade
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And he hoped he UK would lead other countries to “modernise and update” the rules governing trade and services.
Never a better time to for the UK to extricate itself from the EU, Mr Campkin said: “Over the next 10 to 15 years, 90pc of global economic growth is expected to be generated outside Europe and these markets – developed and emerging – must be a priority focus for the country post-Brexit.”
There are a whole range of challenges and opportunities
And he praised Mrs May’s strong stance and ‘hard Brexit’ approach, saying: “The Prime Minister has signalled her commitment to striking the best trade deals around the world post-Brexit.
“While existing key commercial links will be maintained, there are significant opportunities for trade and investment policy to be varied in innovative ways, breaking away from the legacy of past practice set by the EU.”
The group previously warned of the dangers of the leaving the EU
He aspires to see the Government liberalising trade on a unilateral basis and striking bilateral trade deals and regional agreements.
But in a veiled dig at Donald Trump, he said it was also the UK’s prerogative to challenge protectionism around the world.
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