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George Osborne urges US not to abandon Britain after Brexit – business live

Discussion in 'Market News' started by Lily, Jul 11, 2016.

  1. Lily

    Lily Forum Member

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    UK chancellor argues that Britain needs closer ties with America, as stock markets continue to rally


    8.10am BST

    UK chancellor George Osborne is urging international investors not to give up on Britain, as the fallout from the EU referendum continues to hit the global economy.

    Osborne is flying to New York today, to meet with top Wall Street bankers. And his message is that Britain is not “quitting the world”, even though it has voted to leave the European Union.

    ‎The question now is not what Britain is leaving; it is what Britain will become. There are those who want our exit from the EU to signal that we should now turn our back on the world, resist the free-market forces of globalization and become a more insular, less tolerant place. Similar forces are at work in other Western nations.

    We must not be afraid to confront them head-on. I am determined that — on the contrary — we now set out to build a more outward-looking, global-facing Britain, with stronger links with its friends and allies around the world. That must start with a closer economic relationship with North America.

    For first time in 40 years, the U.K. will be setting its own trade terms. So we should begin the conversation now with the U.S., and with the members of the North American Free Trade Agreement, about how we can deliver even closer economic ties.

    I have spoken to House Speaker Paul Ryan several times in the past two weeks about a stronger trading relationship—and this week I will welcome Treasury Secretary Jack Lew to London to see what more we can do together.

    Our economic trade ties with North America must now become stronger. My message is simple: Britain may be leaving the EU, but we are not withdrawing from the world. Britain will be a beacon for free trade, democracy and security, more open to that world than ever.

    7.43am BST

    Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

    At first glance, all looks calm this morning.

    Related: Japan's ruling coalition on course to win parliamentary election

    Related: Markets rise as US jobs smash forecasts - as it happened

    “Europe is extremely sick and must start dealing with its problems extremely quickly, or else there may be an accident.

    I’m no doomsday prophet, I am a realist.”

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