02-19-2017, 01:19 AM
Some 8,000 kilometers from London’s busy shopping districts, the economic ripple effects of Brexit are being felt in one of the world’s poorest nations. In Bangladesh, garment makers typically charge in U.S. dollars. For U.K retailers, that means import costs are rising in line with sterling’s 16 percent slump since Britain’s June vote to leave the European Union. Reluctant to raise prices for shoppers, big high street brands are squeezing suppliers instead.
From London Fashion Salons to Bay of Bengal, Brexit Looms Large - Bloomberg
My table gives us a clue about this. It shows goods exports per person to some non-EU countries, taken from World Bank data. You can see from this that Germany exports much more than the UK – more than twice as much person to Japan and China, and more to India and Australia, despite the UK’s historic links with those nations. This alerts us to an important fact – that it is not membership of the EU that is holding back UK exports. Germany faces the same trade rules that we do, and is doing much better. Exactly why this should be is of course a big question. It’s not just that UK businesses are “fat and lazy” (to use Liam Fox’s expression). It’s because the UK has for decades lagged behind in skills and investment in some key exporting industries.
Stumbling and Mumbling: On Brexit over-optimism
Germany’s finance minister has urged the UK to look to Switzerland when it comes to its post-Brexit relationship with the EU. Wolfgang Schauble suggested the UK should negotiate access to the European single market through a series of bilateral deals in exchange for freedom of movement – but with a proviso to make sure local people are give preferential treatment when applying for jobs. He told the Swiss newspaper Neue Zurcher Zeitung (NZZ) that he had advised the UK to find a “wise political solution” to Brexit. “Britons should take as an example how cleverly Switzerland has linked national sovereignty and close cooperation with the European Union,” he said.
Tony Blair has said it is his "mission" to persuade Britons to "rise up" and change their minds on Brexit. Speaking in the City of London, the former prime minister claimed that people voted in the referendum "without knowledge of the true terms of Brexit". He urged "a way out from the present rush over the cliff's edge". Former Tory leader Iain Duncan Smith said the comments were arrogant and undemocratic but Lib Dem Nick Clegg said he "agreed with every word". Former UKIP leader Nigel Farage said Mr Blair was "yesterday's man" while Downing Street said it was "absolutely committed" to seeing Brexit through.
Tony Blair calls for people to 'rise up' against Brexit - BBC News