Brexit: UK economy ‘should come back’ following exit says expert
Boris Johnson has been backed to deliver a huge “return” in the UK economy to the world stage due to the lack of EU red tape. Arnab Das, global market strategist at US investing firm Invesco, said that the UK will be one of the fastest growing economies following the pandemic and lockdown. Mr Das told CNBC that the huge opportunity is largely due to the lack of oversight and regulations from Brussels.
He explained how the “liberalisation” of the British economy post-Brexit should help Britain return as a global economic leader.
Mr Das said: “We will have a partial reversal I think, of these economic processes, so that reversal will favour the lagging sectors that were really hit hard by the pandemic and the lockdown.
“Geographically that is Europe, and I would include the UK.
“It has been an unloved market due to the Breit uncertainty but it is starting to come back now.”
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He continued: “There will be more of that to come as the Johnson administration grapples with how to deal with this Brexit process.
“What I think we will see is more liberalisation of the economy and some regulatory divergences.
“There will be some cost to pay for that but if the administration can succeed in liberalising and doing something to level-up, that should continue to lift the currency and investment.
“The UK should come back into the horizons of many investors.”
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On Christmas Eve last year, Prime Minister Boris Johnson managed to strike a trade agreement with the EU after nine months of fraught negotiations.
During a press conference in Downing Street that evening, Mr Johnson declared Britain had secured all of its negotiating objectives.
He said: “We have taken back control of our laws and our destiny.”
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This coincides with a wealth of trade deals that International Trade Secretary Liz Truss has secured over the past year.
In December, agreements came with Canada, Kenya, Singapore, Vietnam, Switzerland, Norway and Iceland, to make a combined total of over 50 such deals, including Japan, Mexico, Canada, Singapore, Vietnam and Switzerland.
Ms Truss said, some of these agreements were “part of a much wider strategic investment for the UK”, taking Britain a step closer to joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a regional trade deal.
The CPTPP, which covers 14 percent of the global economy, is a high-quality free trade agreement which binds together Australia, New Zealand, Canada, Japan, Singapore, Vietnam, Mexico, Malaysia, Peru, Chile and Brunei.
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