Is BREXIT good for Malaysia? I personally think it should not affect us too much where the economy is concerned. It’s good for my colleague who’s sending her son to Britain. The pound has dropped and she needs to prepare less funds for the tuition fees and accommodation. Statistically, The U.K is not in Malaysia’s top 10 exporting nations and it is also not a top 10 for imports into Malaysia. (Source: Matrade.) Refer here. However, BREXIT has caused much uncertainty which has definitely contributed to a more chaotic international outlook. When that happens, emerging countries tend to be seen as riskier. So, what if I tell you that there is suddenly more optimism with how Brexit will pan out. Well, the Prime Minister of the UK, Theresa May has spoken.
These are some of the things she shared in her speech on Brexit. Mrs. May shared that the Brexit decision would be decided by a Parliament vote. (Actually does this mean that the Parliament can still chose not to proceed with Brexit?) She said that she did not want a “partial membership of the European Union, associate membership of the European Union, or anything that leaves us half-in, half-out. Anyway, the main reason for Brexit was because of immigration issues. She said,“Brexit must mean control of the number of people who come to Britain from Europe.” The full 12 issues she spoke about can be read here. She confirmed that Britain would still want to continue to attract the”brightest and the best” people from Europe, and that our “openness to international talent must remain”.
Okay, enough about the positives. These are some of the comments which I believe may affect the UK in the near future, should they come true. Kallum Pickering, senior Britain economist at Berenberg Bank in London said, “as we do not expect the E.U. to compromise its principles, the U.K. is set to face significant economic consequences from Brexit.” His next statement is even more blunt. He said, “Crucially, we expect the U.K. to lose its E.U. financial services passport.” (Banks operating in London today would most probably lose their access to the EU nations.) Here’s the full article. My personal belief remains the same. It is better for the UK to remain within and not exit it. Economically, it makes more sense. Well, studying in the UK is cheaper. That’s a plus, right? Happy following.
written on 20 Jan 2017
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