Brexit (11) (Is there a bright side?)

Is there a bright sidAbout a week ago I mentioned that the British High Commissioner was encouraging Canada to negotiate a free trade deal with the UK and suggested the Trudeau government get on with it.

20160702_FNC805_0The media remains divided on the fallout from Brexit. The Economist, for example, reports on some firms mulling a move from Britain to the continent but, it also noted, the “worst” in the markets was over, for  now,anyway, after three days. But The Economist also reported that Europe has some serious problems of its own; put simply, that newspaper says, “the continent’s firms have suffered an alarming decline in their global clout. Europe’s slide down the corporate rankings has been brutal, even before the market rout in the wake of Brexit.

Meanwhile the less pessimistic Financial Times looks at how the Brexit ~ is it really inevitable? the CBC asks ~ will impact ordinary Britons’ property, values, pensions and more.

But, perhaps, inevitable or not, there is a bright side to the Brexit:

First, the Daily Mail reports that, “Countries are lining up to enter trade talks with Britain in the wake of the decision to leave the European Union, it was claimed last night …  American politicians are clamouring for an agreement, while talks could soon begin with Australia, South Korea and India …[and] …The country will be free to negotiate its own deals after quitting the EU, and business secretary Sajid Javid – who campaigned for a Remain vote – is already preparing for a hectic schedule of visits to countries across the world.” The simple fact is that Britain is the fifth largest economy in the world …

adrem-Brexit-CNN-Worlds-Largest-Economy-2016-1

… so, of course, other countries want to trade with it.

Financier George Soros says, in a piece for Project Syndicate, that “the disintegration of the EU practically irreversible.” I do not regard the disintegration of the EU as being on the bright side, but, as Mr Soros says, everyone “who believe in the values and principles that the EU was designed to uphold must band together to save it by thoroughly reconstructing it.” But, I do think that thorough reconstruction of a larger European Free Trade Area that can include e.g. Switzerland, Norway and Britain, too, and a better thought through and likely much smaller “United Stares of Europe” would be  a very good thing for all of Europe.

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