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‘UK’s economy will now be stronger’ Ex-CBI chief says Brexit has opened UK up to the world


Former CBI chief Digby Jones has said that the referendum vote has opened the UK up to the world and we must “all now make the most of our new freedom”.

Lord Jones said Britain could now make decisions in its own interests, rather than those of Brussels.

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lord jonesBrexit, “The ordinary Briton has looked the global establishment elite squarely in the face and said, ‘My democratic freedom is not for sale’. 

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“We must all now make the most of our new freedom. We must redouble our efforts to make a reality of globalisation. Our market is now truly the world,” he said.

“The British electorate has handed the British people, British business and our friends and partners all over the world an oyster. Whether we take the pearl out of it is down to every one of us.” 

Dr Gerard Lyons, former chief economic adviser to Boris Johnson when he was Mayor of London, also said that despite short-term falls in the stock markets there was a positive economic case for being outside the EU.

“It is about playing to our economic strengths and positioning the UK to succeed in a changing, growing global economy. 

“Some are doubting our ability to succeed but we will. I have described the outlook as being like a ‘Nike swoosh’. There may be some near-term challenges but as the fifth biggest economy in the world we should be positive about what lies ahead. Outside the EU we can play to our strengths, be innovative and think globally. 

“Markets have fallen before only to recover strongly again.” 

Mark Carney, governor of the Bank of England, made it clear that the pound’s dramatic fall on Friday was not a repeat of the financial crisis.

Mr Lyons said: “Central banks from elsewhere will help. This means pumping money into the system and keeping interest rates low.” 

A former chief economist at Standard Chartered Bank and a member of the Economists for Brexit group, Mr Lyons said taking back control from Brussels would benefit key areas.

“Although we now have a lame duck Prime Minister until his successor is chosen in October, behind the scenes in Whitehall and Westminster considerable work can now begin in earnest on all the key issues ahead. 

“These have to include bringing back powers and lawmaking to Westminster and how to better spend our EU contribution. 

“Then later this year we can start negotiating the terms of our exit and our future trading relationship. We have freed ourselves from the institutions of the EU, now we need to focus on good relationships with Europe and the world.” 

Brexit could also mean good news on mortgages with a potential cut in interest rates. David Tinsley, UK economist at UBS, has said he expects two rate cuts from the Bank of England over the next six months, taking interest rates from a record low of 0.5 per cent to zero.

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