‘EU is a SINKING ship!’ Financial boss says UK is better off away from Brussels

Thursday, December 21, 2017
By Paul Martin

INSTITUTE of Economic Affairs chief Richard Wellings said “the EU is a sinking ship” in the global economy and London will be better off outside of the Union to compete with emerging markets after Brexit.

Thu, Dec 21, 2017

Dr Richard Wellings, Deputy Research Director at the Institute of Economic Affairs, was asked on RT News whether London would be losing its prime position as the top financial centre in the world after Brexit.

He replied: “There are dangers of having an EU deal for the City if there are strings attached and it means the City is lumbered with all these hugely costly EU red tapes.

“Remember in the sense of the global economy, the EU is very much a sinking ship in terms of shares of GDP.”

Dr Wellings added: “The key to the City’s long-term future is being able to compete in emerging markets, China, India, etcetera.

“So it needs to get rid of these EU red tapes to compete with Singapore, Hong Kong, Dubai.”

The IEA Deputy Director also said that Michel Barnier’s threat on Tuesday to refuse a trade deal including financial services to the UK would only be detrimental to EU businesses.

Dr Wellings said: “This is really an opening salvo in the negotiations. It would be really bad news for the EU if it didn’t have access to the financial services offered by London.

“It would be really bad news for EU businesses if they were trying to get some low-cost finance from the City of London.

“They would be cutting off their nose to spite their faces.”

The Rest…HEREhttps://www.express.co.uk/news/uk/895125/Brexit-news-update-Michel-Barnier-EU-UK-trade-deal-free-trade-agreements-London

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