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Thursday, 27 October 2016

UK aid budget could be used on post-Brexit business

With the U.K.'s membership of the single market looking increasingly precarious, the country's trade relationships outside of the European Union are shifting into focus. For Priti Patel, the U.K.'s international development secretary, the country's aid budget is one area which could enhance international trading ties. Speaking to the BBC in Kenya earlier this week, Patel said that: "British soft power is exactly where DfID (the Department for International Development) … our aid and other relationships around the world come together to deliver in our national interest … when it comes to free trade agreements (and) life post-Brexit." Patel added that she and British International Trade Secretary Liam Fox would work together to gather "intelligence" overseas to inform British firms about new opportunities. But Richard Whitman, a visiting senior fellow of the Europe Program at the independent policy institute Chatham House, has expressed doubt about these intentions and their potential for success, telling CNBC via telephone that the comments were made in uncertain conditions as "the government doesn't really know what it wants its foreign policy to be post-Brexit."

Source: http://www.cnbc.com/