Brexit Day - what next for the UK? Expert comment.
Negotiations expert Professor Abhinay Muthoo comments on the immediate priorities after the UK leaves the EU this evening:
“Brexit will happen this evening at 11pm GMT. In many ways it will be a sad moment, and many will have mixed emotions. That said, the UK now needs to focus sharply on its future, and to work out how, in this new world, it can secure prosperity for all its citizens. That is of first-order importance.
“Over the coming months, and in the run-up to the end of the transition period, the UK Government needs to negotiate the best deal it can with the EU. It has to be cognisant that size will matter in these negotiations, namely, that the EU economy is nearly ten times as large as the UK economy, and this fact will work in favour of EU’s bargaining power in these negotiations.
"The UK Government thus needs to negotiate creatively - and strategically - to try to compensate for that fact. That strategic, negotiating advantage may, for example, be created by making significant and credible progress in negotiations on Free Trade Agreements with a select few of non-EU countries.”
Professor Abhinay Muthoo is the Dean of Warwick in London. He is also a Professor of Economics in the Department of Economics and Co-Director of the Warwick Policy Lab at the University of Warwick.
He is an expert in game theory and negotiations. He is the author of Bargaining Theory with Applications, described as a book on the subject of negotiations that any researcher should want to have as a reference.
31 January 2020