Euro Pacific Capital Economist, and former British Parliament member, John Browne weighed in on reports Brexit may be delayed to late 2019.
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“It is a very serious and complex issue involving the unwinding of some 50% of Britain’s distorted trade towards the European Union and it will require very lengthy negotiations and a lot of time so I think [British Prime Minister] Theresa May is quite correct to play the ball long and to allow time for cool heads to prevail,” Browne told the FOX Business Network’s Sandra Smith.
Browne explained how British trade was impacted by being a part of the European Union.
“Britain has to negotiate within the European Union’s negotiations worldwide, of which it has one twenty-eighth of a vote, in other words one in 28 nations,” he said.
Browne said Brexit will greatly benefit Britain’s economy.
“Now, under Brexit, Britain’s going to be free to negotiate with places like the United States, Japan, China, three of the largest economies in the world in which the European Union does not have a trade agreement yet. So it’s going to be greatly to the benefit of Britain over and above democracy, freedom and common law which are the three fundamental reasons why Britain broke from Europe,” he said.
But he said it shouldn’t be rushed.
“I think markets are going to be much happier with a slow, gradual movement than a sudden shocks, and the sudden shocks would be greatly to the disadvantage of the United Kingdom and the European Union,” he said.
And, he said, there is another reason to proceed cautiously: time heals all wounds.
“At the moment, the Italians and the French are out for revenge. They’re trying to squeeze Britain hard and everything, which is unrealistic. Merkel is much more realistic and says ‘look, we’ve got to negotiate a deal that’s a win-win for both sides so we both have an amicable deal.’ Now with the anger and revenge that’s been stirred up already, one has to allow that to die down,” he said.