World - - Dec 30,2016
The former governor of the Bank of England, Lord King, commented that the U.K. must seek fresh opportunities for economic reform to make Brexit appear positive for the nation.
Lord King quoted that the U.K. should grow “self-confident” in regard to the exit from the European Union. Bank of England’s former governor stressed on the real opportunities in the form of trade deals and economic reforms which are needed to make Brexit a successful event.
The expert professional mentioned the agricultural reform along with a blooming relationship with the Republic of Ireland which can help the U.K. reach a positive ground.
Lord King suggested that the U.K. would be an improved economically totally out of the EU single market and that there were several doubts about staying in the customs union as it might curb the government's ability to form trade deals with countries outside the EU.
Immigration rules are also a matter of concern which is currently circulating in Britain. The government has clearly stated that its wishes to control immigration laws and wants it to stay outside the jurisdiction of the European Court of Justice.
Lord King underlined his words related to the immigration policies that decisions need to be taken “sooner” rather than leaving it for later. He further added that leaving the issue in the basket would be a huge mistake because once Article 50 is initiated next year things might slip out of hands.
The former governor also supported his successor, Mark Carney, as he faced serious criticism for acting too “political” due to the stern warnings regarding intense consequences of leaving the Union.
Lord King tagged the present situation as a polarized debate and Mr. Carney has been placed into an “almost impossible position”.