Clipped from: https://economictimes.indiatimes.com/markets/expert-view/will-the-brexit-deal-be-positive-or-negative-for-india/articleshow/79966186.cmsSECTIONSWill the Brexit deal be positive or negative for India?Last Updated: Dec 26, 2020, 03:19 PM ISTSynopsis
‘I do not think the economic fallout is going to be anywhere near as severe as we had worried about for so long’
The UK has been able to preserve its sovereignty, which effectively means that they can construct trade transactions or arrangement deals with India or anyone else in any manner they wish to, says Hugh Albert Johnson, Chairman, Hugh Johnson Advisors.
Will there be chaos over the next 12 months? Will we possibly see businesses moving out of the UK? Some financial firms have already moved their headquarters out of London. Secondly, what does this mean for countries like India since this frees up the UK to strike trade deals independently with any country. Will this be a positive for trading partners like India?
If you believe Boris Johnson, then you will have to say that it is extremely positive. One, we are talking about trade between the EU and the UK being free from tariffs. Two, leaving the fish issue aside, they have been able to preserve their sovereignty, which effectively means that they can construct trade transactions or arrangement deals with India or anyone else in any manner they wish to.
So if you listen to Boris Johnson, you will have to say that this is a really good day for the UK. It is certainly a good day considering it did not end up being a hard Brexit, which would have led to the chaos that you were suggesting.
It looks to me as though, this is going to probably be a fairly peaceful resolution. I do not think the economic fallout is going to be anywhere near as severe as we had worried about for so long because of the possibility of a hard Brexit, which we did not end up having. So listening to Boris Johnson and looking at it from that point of view, I would say it sounds very positive.