UK News African leaders lobby Boris Johnson for closer economic ties after Brexit
Brexit will soon have cost the UK more than all of its payments to the EU over the last 47 years put together
Brexit has already cost the UK £130 billion in lost growth since 2016, research by Bloomberg Economics found.According to research by Bloomberg Economics, the cost of the UK's vote to leave has already reached £130 billion, with a further £70 billion likely to be added by the end of 2020.
African leaders have lobbied the UK for greater market accessin the hope Britain will turn away from Europe.
Nigeria's president called for more emphasis on the Commonwealth while the leader of Kenya said Britain has a "renewed mandate" forafter leaving the EU.
Boris Johnson suggested African migrants and investors would find itas he welcomed leaders to a summit in London when firms signed £6.5bn worth of deals.
The contracts announced at the UK-Africa Investment Summit included a deal to sell Airbus planes to Egypt, a large investment in Kenya by Tullow Oil and Baker Hughes agreeing to build deep-sea equipment in Mozambique.
As Brexit nears, Johnson pushes for deeper trade ties with Africa
As Brexit nears, Johnson pushes for deeper trade ties with AfricaAfter securing Britain's departure from the EU, the world's largest trading bloc, on Jan. 31, Johnson is keen to develop business ties with countries outside Europe.
'People before passports'
Prince Harry speaks with Prime Minister Boris Johnson as they attend the UK-Africa Investment Summit in London. Mr Johnson was hosting African leaders and senior government representatives during the summit, aimed at strengthening the UK’s economic partnership with African nations (Photo: Getty)
Several leaders suggested that Brexit would prove an opportunity for their countries to become closer to the UK. Muhammadu Buhari, the president of Kenya, said: "Now with the United Kingdom, the Commonwealth’s largest economy, no longer obliged to ringfence its economy with tariffs, this mission will be given a jolt of vitality."
Uhuru Kenyatta of Kenya added: "There is probably no better time for African nations and the United Kingdom to explore new and innovative ways of deepening the long-standing partnerships that have existed between our nations."
Johnson calls for more investment in Africa
The UK-Africa Investment Summit, hosted by the PM will bring together 21 African countries with UK and African companies. The Government states that deals worth billions of pounds will be announced at the gathering.At the summit, the Prime Minister will announce an end to UK support for thermal coal mining or coal power plants overseas, ending direct official development assistance, investment and export credit.The summit will be attended by African leaders such as President Sisi of Egypt, President Kenyatta of Kenya, and President Buhari of Nigeria.
Rwanda's leader Paul Kagame launched a $40m bond on the London Stock Exchange, while British ministers announced they were issuing a "sukuk" bond which complies with Islamic lending law.
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Delivering the opening speech at the conference, Mr Johnson said: "Change is coming and our system is becoming fairer and more equal between all our global friends and partners, treating people the same, wherever they come from. By putting people before passports, we will be able to attract the best talent from around the world, wherever they may be."
He promised to open up Britain's markets to African products such as beef from Uganda, adding: "We want to build a new future as a global free-trading nation, that's what we will be embarking on on 31 January."
Human rights groups have criticised the UK Government for embracing autocratic leaders such as President Sisi of Egypt at the two-day summit.
Brexit deal becomes UK law, paving way for EU departure next week .
Boris Johnson's Brexit deal has officially become UK law, paving the way for the country to leave the EU next week. The prime minister's Withdrawal Agreement Act was signed off by the Queen on Thursday after completing its journey through parliament.Commons deputy speaker Nigel Evans announced the news to MPs on Thursday afternoon.It marks the UK clearing one of the final key hurdles on its path to leaving the EU on 31 January. © Getty Boris Johnson's election win handed him a large Tory majority Brussels still needs to take a few more steps for it to formalise the agreement in international law.
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