TEMPO.CO, London-Shockwaves from Britain’s vote to leave the European Union are reverberating through the economy, with surveys published on Thursday, July 28, 2016 showing a dive in consumer confidence and a slowdown in construction.
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Prime minister Theresa May has moved to reassure the UK’s scientists in the wake of the vote to leave the EU.
She added she hoped the economic ties between the two countries would be maintained, and even boosted, recalling that Italy was the UK’s eighth largest export market with a bilateral trade worth some 24 billion pounds (31.5 billion US dollars) in 2015.
She said London would look to guarantee the rights of hundreds of thousands of Italians living in Britain and demand reciprocity for British nationals living in European Union states.
Cabinet minister, Chris Grayling, who led May’s campaign to become the next Prime Minister, believes that May possesses all the qualities to unite the Conservative Party and that she is the only one who can do so following the divisive referendum campaign.
“We saw the strongest quarterly rise in production for almost 20 years, so it is clear we enter our negotiations to leave the European Union from a position of economic strength”, insisted the chancellor.
Prime Minister Theresa May on Wednesday said Britain would take the time needed to steer its way towards the European Union exit as Italian counterpart Matteo Renzi urged a clear timeline to deliver Brexit.
May’s discussions with her Slovakian counterpart Robert Fico and Polish PM Beata Szydlo could prove slightly tense, given the desire of the two host countries to keep free movement of labour.
“But, on the other side, we do of course need to ensure that we get the best possible deal in relation to trade in goods and services. I expect to be able to do that and I intend to be able to do that, to guarantee their rights”, said May. “But, I hope this is an issue that we can address early on”.
To conclude, there is no doubt that Brexit would have negative economic global as well as UK-specific implications, however, the duration as well as the potency of these implications would depend on the negotiations which Theresa May has already indicated will not start in the current year. She’s already held talks with her counterparts from Germany, France and Ireland.
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“We should be driven by what is in the best interests of the United Kingdom and what is going to work for the European Union, not by the models that already exist”.
