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22 January 2018

IB Times: Top Remainer admits UK well-placed to benefit from Brexit thanks to global trade growth


Lord Jim O'Neill says that rising growth across China, the US and Europe means that Britain is on course for a stronger-than-expected economic performance this year.

He was asked by the BBC if he and the majority of economic forecasters were too gloomy about the UK's prospects in the run-up to the vote to leave the European Union last June.

O'Neill replied: "I'm almost embarrassed to accept that it might sound like that.

"Because of course in principle I share the views of many that Brexit is a really weird thing for the UK to impose on itself from an economic perspective."

A study by Cambridge Econometrics for the Mayor of London, Sadiq Khan, earlier this month estimated UK growth would be 3% lower by 2030 than it would have been if Britain remained inside the EU's customs union and single market.

But O'Neill said: "If that's the worst that Brexit will deliver, then I wouldn't worry about it.

"Now, my own view is if we go for a really hard Brexit or a no-deal Brexit, we'll probably suffer more than that 3%.

"But if it is only 3%, what's going on with the rest of the world - helping us - and with productivity improving, that will easily dwarf a 3% hit over 13 years, easily." [...]

Full article on IB Times



© IBTimes


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