In the aftermath of the UK’s Brexit vote, it has opened the door for the soon to be former EU nation to begin conducting its own trade agreements without having to deal with the bureaucratic demands of an un-elected body out of Brussels. And in light of the deteriorating economic conditions proliferating all across Europe, Britain may be looking Eastward rather than to the West to forge new trade opportunities following their historic referendum.
On July 25, Britain began discussing ways to expand free trade with China, and increasing their exposure to the second largest economy in the world.
UK has begun discussing ways to reach a free trade deal with the world’s second-largest economy, British Chancellor of the Exchequer Philip Hammond said.
It will be the first time that the UK has embarked on such a major project with China, andcould see greater access for major Chinese banks and businesses to the UK economy.
Despite the short-term economic shock from leaving the European Union, it was time toexplore “new opportunities” across the world, including with China, one of the UK’s biggestinward investors, Hammond said during an interview with BBC.
Hammond said that Britain is keen to do a free trade deal with China.
In return for greater access to the UK for its manufactured products and investment, Chinawould reduce barriers to Britain’s service industries such as banking and insurance as well as UK goods. – China Daily
Britain has had a long standing relationship with China, as seen by their control over Hong Kong and that Asian market gateway until it was handed back over to Beijing in 1999. And with the Silk Road initiative expected to traverse from Korea to London in the coming years, it is only natural that the UK sees its future once again tied to Asia, rather than to a dying economic model now beginning to fail in the U.S. and Europe.
Many analysts believed that leaving the EU would be a death event for the British economy, but this appears more and more to be the shortsightedness of economists and government officials desperate to keep their oligarchical controls over Europe intact. Instead Britain may prove to be the pioneer of a new financial future for all of Europe, and if they succeed it will inevitably lead other EU nations to also break away from the coalition to find better opportunities in the ‘New World’.
Kenneth Schortgen Jr is a writer for Secretsofthefed.com,Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.