A month has now passed since the referendum took place in which it was decided that the UK would be leaving the European Union. It is no understatement to say that the political landscape has been totally transformed and the future path our country will take in the world has changed.
While there has been a few politicians trying to talk our economy down ever since the vote, the Conservative government has very much accepted the democratic outcome and is actively working to ensure that Brexit will be a success for our country.
I have been particularly impressed with Philip Hammond, the new Chancellor of the Exchequer, who has already begun discussions while in China on an ambitious free trade deal which would reduce barriers to Britain's service industries like banking and insurance as well as UK goods going to China. In return, China would gain greater access to the UK for its manufactured products and its investment. While caution is needed on products such as state-subsidised steel from China, it is absolutely right for us to explore opportunities that capitalise on Britain’s unique place in the world.
Philip Hammond is quoted as saying that “despite a short term economic shock to the economy of Britain leaving the European Union, it is now time to explore new opportunities across the world. What we now need to do is get on with it in a way that minimises the economic impact on the UK economy in the short term and maximises the benefit in the long term."
I view this approach as very promising. China has never had a free trade agreement with any EU country as they are not free to negotiate such deals and any EU-wide deals have the difficulty of being agreed by all 27 members. There are many countries queuing up to have free-trade deals including the USA, Canada and Australia, and we are looking at having many in place ready for when we leave the EU. We will of course continue to trade with the rest of Europe but new global opportunities will define our future.