UK should keep access to common market: Analyst
The United Kingdom should negotiate “the best possible deal” with the European Union to maintain its access to the common market to secure its financial investments, says a political commentator in London.
Javier Farje made the comments on Friday in an interview with Press TV when asked about former British prime minister Tony Blair’s warnings that Britain is “in peril” after Brexit.
"Before any formal negotiation begins, we need to get a high level sense of where the boundaries are going to be, the things that might be compromised, the things that are red lines,” Blair said in an article published in the Daily Telegraph on Thursday.
He made the remarks exactly one week after some 52 percent (17.4 million) of British voters opted to leave the EU, while roughly 48 (16.14 million) percent of people voted to stay in the union.
Commenting on future negotiations between the UK and the EU, Farje said, "Many banks fear that once the UK is out of the European Union, they won’t be joining the common market and they won’t have the facilities and the advantages they would have if they were in the European Union, which means that they’ll have to leave."
"One of the conditions of the common market is free movement of people, which is something” Britain does not want due to “fear of immigration," added the London-based editor.
He also said that the UK is now seen as an "isolated group of islands," which might suffer "unemployment, disinvestment and a great deal of shortage of qualified labor."
The UK government has “to be very flexible and very positive in the midst of all these negative vibes that come out of the referendum," he noted.
The UK has faced severe problems after the vote. Since June 23, sterling has plunged to a 31-year low against the US dollar while stock markets have slipped.
Two top credit ratings agencies have downgraded the UK’s rating in the wake of its decision to leave the union.
A number of major companies, including telecom giant Vodafone and commercial airliner easyJet, have also raised the prospect of moving their headquarters out of Britain following the decision.
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