Former US Treasury secretaries say Brexit would make Britain poorer and smaller

A vote to leave Europe represents a risky bet on the country's economic future: Fromer US Treasury secretaries


Reuters April 20, 2016
PHOTO: REUTERS

LONDON: Britain will be poorer, more inward looking and London's role as a global financial centre could be undermined if it votes to leave the European Union in a June 23 referendum, eight former US Treasury secretaries said on Wednesday.

"A vote to leave Europe represents a risky bet on the country's economic future," the former US Treasury secretaries said in an open letter to The Times newspaper.

Brexit could shrink UK economy by six percent: Treasury

The letter was signed by Timothy Geithner, Henry Paulson, John Snow, Paul O'Neill, Lawrence Summers, Robert Rubin, Michael Blumenthal and George Shultz.

Their warning comes before a visit by US President Barack Obama to visit Britain.

"Brexit could call into question London's role as a global financial centre. For many financial institutions, London has served as the financial springboard into Europe," the former Treasury secretaries said. "A UK turned inward and less engaged in Europe is less able to lead on the critical challenges Europe faces."

EU citizens fear Brexit more than the Brits: survey

A Brexit would disrupt trade and attempts to renegotiate agreements would be difficult, they said.

"The uncertainty surrounding Brexit already appears to be acting as a drag on investment and market sentiment, and a vote to leave could introduce an extended period of uncertainty that could hinder growth even further," they said.

"The better alternative seems to us to work for progress within the confines of EU membership, without incurring the significant economic risk of Brexit: a smaller, slower-growing British economy for years to come," they said.

COMMENTS (1)

curious2 | 5 years ago | Reply USA wants the Brits in EU because they are a stabilizing force - probably the glue that keeps a left leaning organization from self destruction. They can't just say that so they will come up with economic scare tactics. UK did just fine before the EU and their people are rightly upset that so many sovereign decisions have been delegated to a group of liberals who haven't clue.
Replying to X

Comments are moderated and generally will be posted if they are on-topic and not abusive.

For more information, please see our Comments FAQ

E-Publications

Most Read