UK business leaders look to increase trade deals with China after Brexit

Global Business

Britain is getting ready to exit the European Union. U.K. Prime Minister, Theresa May, will formally trigger Brexit on Wednesday to end four decades of membership in the EU.

The British government said the move will give the country more opportunities for business deals, especially with China.

CGTN’s Richard Bestic reports.

UK business leaders look to increase trade deals with China after Brexit

Britain is getting ready to exit the European Union. U.K. Prime Minister, Theresa May, will formally trigger Brexit on Wednesday to end four decades of membership in the EU.

British business leaders are keen to further increase trade with China once Brexit kicks off.

“It’s a double-edged sword,” Simon Wilde of Macquarie Capital Europe said. “I think that if Britain eventually gets a bad deal with Europe, it will affect the UK’s attractiveness to all investors, including the Chinese.”

The European Union currently has no trade treaty with China. Brexit will allow Britain to go it alone, making global trade deals currently not allowed under EU rules.

The Chairman of the China Britain Business Council believes more potential opportunities will be available.

“What I think Brexit has done, is focus not only business leaders, but the British government on the bi-lateral opportunities that are out there between China and the UK, and where we’re only exploiting the tip of an iceberg,” James Sassoon, Chairman of China Britain Business Council said.

Not everyone’s so optimistic. Over the weekend, hundreds of thousands were out on the streets warning against the dangers of Brexit.

And north of the border, the Scottish Parliament is again demanding an independence referendum in protest against Brexit.

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