With all the talk of Brexit and its repercussions I felt it was important to provide my view within this blog as to where Great Britain finds itself and to how it should move forward.
The reality is that Brexit is happening and whether individuals voted for it or not the country spoke and that is the pathway that is being taken. So it is imperative that Great Britain now pulls together and seizes what opportunities lay ahead whilst also being thankful for many of the good things that came from being part of the European Economic Community, and I say EEC for a reason because it was that Britain originally joined. The change for EEC to European Union would naturally lead to Britain eventually leaving and it was always a ticking time bomb. Britain joined for trade, and that is why it was formed in 1958, Britain did not join a union of nations forming one large nation in effectively the United States of Europe. So the outcome in 2016 was always on the cards just a bit of surprise when it happened.
Taking all this into account let us look sensibly at Great Britain, it is the 5th largest economy in the world. When it comes to the top 10 national economies around the globe, the order may shift a bit, but the key players usually remain the same, and so does the name at the head of the list. The United States has been the world’s biggest economy since 1871. But that top ranking is now under threat from China. Great Britain has always been one of the largest and strongest of the top 10 constantly out performing its forecast. Great Britain, has a $2.65 trillion GDP and the IMF believes Great Britain’s growth to stay between 1.05-1.09% in the next five years, however I would say that this is way too low in retrospect.
The truth is that Britain does have a huge opportunity now in the business world, not only with the new Trump administration in the USA but also with the global market far greater than the ties it had with the European Union. Long term it could form trade agreements with all the commonwealth which is what it seems to be heading towards. The Commonwealth comprises 52 countries, across all continents. The members have a combined population of 2.3 billion people, almost a third of the world population, of which 1.26 billion live in India and 94% live in Asia and Africa combined. If Britain can secure this market place and its ties and there is no reason why it should not the possibilities are that it will grow into a very strong economic country far greater than it has been in 150 years.
British business must look outward now, must grab this opportunity of freedom of world trade and just enjoy all that presents itself and stop looking inward and creating negativity within business. Instead create positivity and strive for the exciting challenges ahead.