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Potential losses in UK trade with the EU due to Brexit will be more than offset by more opportunities in developing markets, Dominic Raab said, saying people should have a “ten-year view” of current problems. companies face.
When asked about warnings from various companies that bureaucracy and duties mean they will shut down or have to relocate their operations within the EU, the foreign secretary also appeared to blame Brussels, saying it was “imposing” obstacles to the trade.
Since the end of the Brexit transition period in January, with the UK’s status out of the single market and the customs union, several companies have said their current position is unsustainable, with JD Sports saying last week that it expected to open a large warehouse within the EU to avoid bureaucracy in shipping to European customers.
When asked about the experience of companies facing such difficulties, Raab told BBC1’s Andrew Marr program that the government was “doing a lot to support them, with advice and guidance, particularly intermediaries who deal with things like tax returns. customs”.
He added: “We have always been clear that there are changes that come with the end of the transition period, and what we are trying to do is support companies as best we can to manage them.”
Raab said such an interruption must be seen in a broader context. He said: “You can always take individual cases, and I know they are important, but overall we are in an excellent position to seize the opportunities of a global Britain.
“I think if you take a 10-year view, in addition to considering short-term risk, which is correct, actually the growth opportunities in the future will come from emerging and developing economies around the world.”
When asked if this meant that UK companies should accept less trade with the EU and focus more on places like Asia, Raab replied: “I wouldn’t put it in exactly those terms, but it is certainly correct to say that we want to do banking. If you like it, the baseline of our European trade is very important to us, and they are obviously our neighbors, but if you look at the growth opportunities in the future for UK companies … growth economies will come. from India. Pacific region.”
Raab also appeared to blame the EU for many of the barriers, saying the government was seeking “to reduce and mitigate as much as possible the bureaucratic hurdles the EU is imposing.”
He was optimistic about the idea of EU financial centers getting a considerable amount of business from the City of London, even though Amsterdam has overtaken London as Europe’s leading equity trading center.
Raab said: “[The EU] he may, if he wishes, be able to steal a little business from the City here or there, but the problem is that the measures they will take to do so undermine their own competitiveness. “
