UK ambassador defends open economy despite Brexit

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UK ambassador defends open economy despite Brexit

Pamplona, ​​September 13 (EFECOM).- The United Kingdom Ambassador to Spain, Hugh Elliot, defended this Wednesday in Pamplona that his country maintains a “highly” open economy despite Brexit. To disrupt Spanish companies as much as possible.

“Almost nothing is said about Brexit in the United Kingdom, it’s a topic of the past,” he commented at a breakfast organized by the Business Confederation of Navarra (CEN), where he promised to continue as in Spain. To be “very open” because both believe that attracting investors is always about “winning” (sure profit).

He clarified that in this new situation, it is necessary to tighten regulations and customs with changes “to be gradually introduced this year and next year” as restrictions are postponed to reduce the impact of Brexit on companies. Pandemic and energy price shock.

“Regulations cannot be avoided, but we can ensure that they are well understood and that their introduction is as effective and less disruptive as possible,” he commented, and announced that they would carry out work in chambers of commerce across Spain. Explain exactly what needs to be done and when.”

Currently, the UK’s economic priorities run parallel to those of the EU, and already include reducing inflation with 14 consecutive interest rate increases, which the British have suffered on average more than any of their neighbours.

Despite the risks of this situation, Elliott considered this high inflation “a sign of success” in the United Kingdom, because they have unemployment above 4%, and in fact “many companies say that it is difficult to find workers. “Construction site”.

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Challenges for the future include reducing debt and maintaining investments, especially in sectors related to industrial restructuring towards a green economy. In this aspect, he pointed out that Spain has a very important presence in relation to wind energy with companies such as Iberdrola or Siemens Gamesa.

Elliott has highlighted the resilience of the British economy, which in his view is evidenced by its good recovery after the pandemic, recovering “much sooner than thought”. EFECOM

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