According to the Washington Post newspaper, Britain’s finance minister will tell Wall Street that his country’s shock decision to leave the European Union doesn’t mean it’s turning its back on the world.
With Britain’s currency tumbling and warnings of tough economic times ahead, George Osborne will try to reassure American investors after last month’s “Brexit” decision.
“The pillars of our special relationship with the U.S. will be maintained and strengthened. Our economic trade ties with North America must now become stronger,” Osborne, officially known as “chancellor of the exchequer,” wrote in a column published in the Wall Street Journal Monday.
“My message is simple: Britain may be leaving the E.U., but we are not withdrawing from the world. Britain will be a beacon for free trade, democracy and security, more open to that world than ever,” he wrote. Britain will become “more outward-looking, global-facing,” not less, he said.
The newspaper added that the British voters last month voted 52-48 percent to take their country out of the European Union, the 28-member economic and political bloc that comprises the world’s largest unified consumer market, with 500 million people stretching from Romania to Ireland.
Markets have been in turmoil since the vote three weeks ago, with the British pound tumbling to 31-year lows against the U.S dollar.
Mark Carney, the governor of the Bank of England, has said businesses and households were already suffering from “economic post-traumatic stress disorder” after the global financial crisis, and that Brexit would compound this.
Many private sector economists expect the central bank to cut interest rates as soon as this week to try to counteract the shock.