Leaving 'unsuccessful' EU will give UK 'real opportunities', ex Bank of England Governor

BREXIT presents “real opportunities” for the UK to secure new trade deals and strengthen the economy, the former governor of the Bank of England Lord King had claimed.

By ZOE EFSTATHIOU

PUBLISHED: 06:08, Mon, Dec 26, 2016 | UPDATED: 06:45, Mon, Dec 26, 2016

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Sir Mervyn King has presented an optimistic outlook for Britain's economy outside the EU

Mr King hit out at Remoaners and insisted Britain should be “self confident” about its prospects upon leaving the crumbling bloc.

In an interview on BBC Radio 4’s Today programme, Mr King, who headed up the Bank of England three years ago, presented an optimistic outlook for the UK’s independent future.

Being out of what is a pretty unsuccessful European Union - particularly in the economic sense - gives us opportunities as well as obviously great political difficulties

Mervyn King

He said: "I think the challenges we face mean it's not a bed of roses, no one should pretend that, but equally it is not the end of the world and there are some real opportunities that arise from the fact of Brexit we might take.

"Being out of what is a pretty unsuccessful European Union - particularly in the economic sense - gives us opportunities as well as obviously great political difficulties."

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Mervyn King described the EU as 'pretty unsuccessful' in a candid interview

Mr King added: ”There are many opportunities and I think we should look at it in a much more self-confident way than either side is approaching it at present.”

In particular, Mr King highlighted the opportunities leaving the EU presents in terms of signing trade deals with non-EU countries.

But he warned that “question marks” over England’s future connections to the single market are holding back its ability to negotiate new trade agreements.

Mr King said: "I don't think it makes sense for us to pretend we should remain in the single market and I think there are real question marks about whether it makes sense to remain in the customs union.

"Clearly if we do that we cannot make our own trade deals with other countries."

And discussing immigration, Mr King pointed out that it would be incompatible for the UK to remain in the single market, while also expecting to set its own immigration laws. 

He advised the Government to outline its immigration policy “sooner rather than later” warning that it would be a mistake to put the issue into the “basket” to be discussed after Article 50 is triggered next year. 

Mr King also highlighted agricultural reform as a key area of opportunity brought about by the UK's departure from Brussels bureacracy.

http://www.express.co.uk/news/uk/747289/mervyn-king-eu-brexit-bank-of-england-governor-EU-european-union