Brexit is an example of deglobalisation, says Carney

(Image Credit: Financial Times)

The old UK leaders framed the Brexit and got out of EU because they felt that non-EU countries can be as big or bigger, and less taxing than EU in trade partnerships. Now they say the pace of newly formed trade agreements will determine how the country fares, better or worse.

UK’s withdrawal from the EU is like taking a finger out of an ocean. How long does it take to fill the space? The companies who want to sell in the UK and the companies that want to sell UK products in other countries don’t want to disrupt their supply chains. True, that the EU markets are closer and more familiar, but the growth is in Africa, China, and India.

It is likely that the UK unhooked itself from a slow-moving EU GDP that is barely positive to join hands with countries growing at 3-6%.

Progress is a constant dynamic. We Must choose our priorities in every moment. Britain made a courageous choice. We must too.

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