Lord O'Neill thinks the Government should seize opportunities in Asia
Lord O’Neill, who did not vote for the UK to leave the European Union (EU), thinks Theresa May should put Britain on a less insular path in a post-Brexit world order.
The economist thinks the UK’s departure from the EU could mean it changes trade deals before other countries to adapt to a post-Western economic order.
He said: “I’m a Remainer but there are more important issues for the British economy than whether or not we are members of the European Union. Maybe even some good could come from leaving.”
The former minister thinks the UK should create closer trade dies with the Asian superpowers
We should have a minister almost permanently camped in China trying to do trade deals
The former Conservative Treasury minister said of Theresa May’s advisors: “These people lack strategic perspective. We should have a minister almost permanently camped in China trying to do trade deals, but they simply don’t think about China when they get out of bed. It is not in their DNA.
“You’ve got to follow through on Global Britain with substance, and they are not doing that. The Chinese are confused about what is happening.”
Lord O'Neill thinks the UK outside of the European Union is a perfect time to invest in Asia
Lord O’Neill, who created the ‘BRIC’ acronym that stands for Brazil, Russia, India and China, said he thought the Government should concentrate their efforts in Asia, rather than in New Zealand.
The former chief global strategist for Goldman Sachs said: “New Zealand is a lovely place but it is a very long way away and its economy is smaller than Greece.
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“Access to the world’s skilled talent is more vital than any trade deals, or whether we are in or out of the EU.”
Lord O’Neill said he thought the City of London would manage following Brexit.
He said: “People have exaggerated the risks.
“As we creep through the weeks it is pretty obvious that the big global players are going to shift marginal operations out of London, but the idea that large swathes of the financial industry will decamp to Frankfurt and Paris is just crazy.
Lord O'Neill said we should be looking at Asia rather than New Zealand
“They don’t have the social and human infrastructure, and the more imaginative EU leaders know that a flourishing City is actually good for Europe.
“I didn’t want Brexit but, basically, we can cope.”
Lord O’Neill resigned from Government in September 2016, which is likely to have been linked to the UK’s policy to China.
He has campaigned for the UK to be more engaged with the world’s superpowers.