Brexit offers financial sector ‘economic agility’ – Liam Fox

A post-Brexit Britain will be in a position to lead a global drive for greater free trade in financial services, International Trade Secretary Liam Fox has claimed.

Liam Fox headshot

Number 10: The Rt Hon Liam Fox MP, Liam Fox

Dr Fox, a leading Brexiteer in the UK Cabinet, told the City Week conference in London that the nation would enjoy “a new degree of economic agility” once it left the EU and that he would reduce the bureaucracy faced by the financial sector.

Economic agility in the UK

“Increasingly, the world not only wants what Britain makes, but also to tap into the vast pool of knowledge, talent and expertise that we boast across a vast range of industries,” he said.“Liberalising the trade in services is at the heart of the Department for International Trade’s offer to the finance industry. We will work with old allies and new partners across the world, utilising the UK’s economic strength and diplomatic prowess to forge new trading relationships.“Ultimately, our task is to remove the unnecessary regulation, bureaucracy and red tape that inhibit the free trade in services. Whatever one’s view on the referendum result, it must be acknowledged that, outside the EU, this country will enjoy a new degree of economic agility.”
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Dr Fox cited Britain’s record employment numbers and recent decline in inflation as evidence of an economy defying some economists’ pessimism.“The robust performance of the UK economy continues to defy the gloomier forecasts,” he said. “Official figures show that inflation fell last month to its lowest level in a year. The employment rate is currently at 75.4 per cent – up 0.8 percentage points from a year ago and the highest since records began.“As recognised by the Office for National Statistics, wages are now outpacing inflation, meaning more money in people’s pockets. This success has been a collective effort.”

Attaining trade agreements in favour of farmers

However, Dr Fox’s speech came after it emerged that MEPs representing British farmers have said they are “deeply concerned” that Dr Fox’s similarly optimistic, post-Brexit forecasts for the agricultural industry might be displaced.In a private letter to Dr Fox written by 18 MEPs from all the major UK political parties, Dr Fox has been warned that he might have underestimated the difficulties in getting a good trade deal for farmers after Brexit, according to The Independent.Dr Fox has stated that a Brexit trade deal would be “the easiest in human history”, but the MEPs warn that it is now becoming clear that securing a good deal, not just for access to EU markets but around the world, would be “complex and time-consuming matter” for agriculture.
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