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Money A free-trading Britain can prosper after Brexit

18:24  12 november  2017
18:24  12 november  2017 Source:   ft.com

S&P, Fitch leave UK credit rating on hold but warn on Brexit

  S&P, Fitch leave UK credit rating on hold but warn on Brexit Standard and Poor's and Fitch held their credit ratings for Britain unchanged on Friday, but both remained gloomy about the outlook due to the likelihood of the country reaching a bad deal in its divorce talks with the European Union.Having already stripped Britain of its top-notch "AAA" rating, both agencies stuck with their "AA" rating with a negative outlook, warning they were likely to downgrade again.

With an independent trade policy, Britain can put itself in a strong position to benefit, opening up access to fast-growing markets across the world. Of course, trade can only prosper within the right global environment. The established order of free , fair and open commerce is not something we can

A TORY peer has said Britain will prosper under any Brexit scenario because the nation has an “enduring strength”. Lord Blackwell said any concerns about London’s existence as a key player in Europe after Brexit were unfounded.

UK exports continue to grow year on year: Cargo trucks disembark a cross channel ferry at the Port of Dover, U.K., on Friday, Sep. 22, 2017. Port officials warn that increasing the average time it takes trucks to clear customs by as little as two minutes could lead to 17-mile (27-kilometer) traffic jams. Photographer: Luke MacGregor/Bloomberg © Bloomberg Cargo trucks disembark a cross channel ferry at the Port of Dover, U.K., on Friday, Sep. 22, 2017. Port officials warn that increasing the average time it takes trucks to clear customs by as little as two minutes could lead to 17-mile (27-kilometer) traffic jams. Photographer: Luke MacGregor/Bloomberg

In June 2016, the people of Britain voted to write a new chapter in the country’s history. Since then, not a day has passed without passionate debates on both sides of the Brexit divide.

As the UK leaves the EU, for the first time in more than 40 years it will be in charge of its own trade policy.

Success in trade and investment is vital for national prosperity. And, contrary to many predictions, the first year since the referendum saw a record 2,265 inward investment projects in the UK, an increase on the previous year.

Blankfein Brexit Tweet Reveals Worry London Desks to Stay Empty

  Blankfein Brexit Tweet Reveals Worry London Desks to Stay Empty In his second tweet with the hashtag #Brexit, Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein said his bank was still investing in its new London office, but suggested policy makers will ultimately decide whether the building is fully used as the Wall Street firm once intended. "In London," Blankfein said in a post Monday that contained an aerial shot of construction nearing completion. "GS still investing in our big new Euro headquarters here. Expecting/hoping to fill it up, but so much outside our control."In London. GS still investing in our big new Euro headquarters here.

On 9 October 2017, May announced to the British Parliament that Britain could operate as an "independent trading nation" after Brexit if no UK exports to the EU would be tariff- free , one-quarter would face high trade barriers and other exports risk tariffs in the range of 1-10%.[200] A 2017 study

But companies are reassessing their long-term investments in Britain , fearful of how Brexit might affect trade across the European Union. After ‘ Brexit ,’ Britain Could Look to Norway as a Model.

Our exports continue to grow year on year. Countries such as South Korea and Japan are now fast-growing markets for UK exports, while Britain’s trade deficit with the EU widened to £60bn in the 12 months to September 2016.

Related: UK industry shines but Brexit shadow looms (Provided by Reuters)

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It’s no surprise — even the International Monetary Fund predicts 90 per cent of global growth over the next 20 years will come from outside Europe.

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New capital rules spark trader retreat from listed derivatives. China leads drop in global stocks on trade tension. If Britain is to prosper after Brexit it is imperative that it remains competitive and attractive to foreign talent and investment.

The tectonic plates of the world economy are shifting. With an independent trade policy, Britain can put itself in a strong position to benefit, opening up access to fast-growing markets across the world. So we need to be prepared.

Earlier this week, the government introduced the Trade Bill to provide a framework for preserving existing trading relationships, including agreements we are already part of under the EU.

Combined with the forthcoming Customs Bill, this will help to minimise disruption to imports and exports, whatever the outcome of our negotiations.

This is a clear signal of our commitment to a “global Britain” with free and open trade at its heart.

The department of international trade has already established 14 working groups with 21 countries from the USA to Japan, India and Australia, to explore the best ways to progress our trade and investment relationships.

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Of course, trade can only prosper within the right global environment. The established order of free, fair and open commerce is not something we can take for granted.

So as we regain our independent seat at the World Trade Organisation, of which we were a founding member, we will use our position to resist attempts to put up barriers to business, including by G7 and G20 countries that are turning their back on the principles that made them rich and powerful.

The economic and moral reasons for doing so are compelling. During the 1990s, per capita income grew three times faster in developing countries that lowered trade barriers, compared with those that did not. The result was drastically reduced poverty in those countries and increased global prosperity.

All the aid programmes in the world, even ones as generous as our own, come nowhere close to the ability of free trade to reduce poverty.

Now is not the time to pull up the drawbridge and retreat into the failure of protectionism. Trade drives prosperity, which in turn underpins political stability and security.

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1) Will a post- Brexit UK need a new trade deal with the European Union? Article 50 sets a two-year window to renegotiate a new legal basis for Britain ’s trade relationship with the EU - although it also allows Currently, UK companies are able to trade with the EU on a tariff free and quota free basis.

We and they only need to abide by the rules of the World Trade Organisation, as we already do, and we all shall prosper . With Brexit , Britain can show the world the path to prosperity. Srini Rangan - 28 Jun 2018. CapX Exclusive.

This commitment to free trade has played a central role in British economic and foreign policy for decades and that will continue.

Of course, free trade cannot mean a free-for-all. Therefore, the UK will create a new independent trade remedies body to ensure that its businesses compete on a level playing field, defending them from unfair trade practices or unexpected surges in imports. For the first time in more than 40 years, the trade concerns of the UK will be represented by the UK.

This is an unprecedented opportunity to create a trade policy that works for everyone in Britain, one that boosts British businesses and workers and puts more pounds in the pockets of British consumers.

In the months ahead, there will be those who say that this task is too hard, and that our country is not up to it. But that’s what they said in the early 1980s.

Then the government of Margaret Thatcher took on the power of the trade unions, tackled Britain’s failing state-owned industries, championed a capital-owning democracy and ushered in a new era of prosperity.

With resolve and imagination we can now help shape a global trading environment fit for the 21st century.

The writer is secretary of state for international trade

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