The British economy and businesses are showing signs of weakness, urging politicians to react. The recent election, resulting in no overall majority, prompted businesses to demand that the “economy” be of upmost importance when making policy decisions, with some interests even calling for the delay of Brexit negotiations. “The new administration needs to deliver policies in an open, fast, and fair post-Brexit economy that works for everyone across the world”, commented Keith Knutsson of Integrale Advisors.
In order for the UK economy to thrive after Brexit, politicians must focus their efforts on forming a functioning government and instilling confidence in the UK markets. “It is important to go into the Brexit talks from a position of strength, focused on getting the best deal possible for trade and access to workers and skills,” said Mike Cherry, chairman of FSB National (Federation of Small Businesses).
Concern over the weakened position of the UK going into the Brexit negotiations led some business leaders to call for a delay of the proceedings. Negotiations are scheduled to begin June 19, 2017. Nevertheless, EU Budget Commissioner Gunther H. Oettinger proclaimed, “No government, no negotiations”, indicating the need for a strong and undivided government during this critical period.
As the country finds a way to face present domestic and foreign policy challenges, it will be interesting to look at the future of the relationship between Britain and its neighbors in the EU. Looking towards the future, Britain and the actions of its administration will continue to have a large impact on the world economy.