Jim O’Neill, BRICs and the UK’s Economy

The UK is holding a referendum by 2017 on whether or not  to continue the membership with European Union (EU) . This is another big challenge to this Tory government. If people give the mandate to pull out from the EU then the UK definitely need an alternative. United Kingdom has already decided to join Asian Infrastructure Investment Bank (AIIB) whereas the US is not “happy” with the move of the UK to join AIIB. The AIIB is a new international financial institution lead by China and viewed as a rival to the World Bank.[2] The UK is seeking opportunity of huge investment in Asia through AIIB. Alan Yarrow write without mentioning a name of Russia that in  ‘‘India, China, Brazil and the Gulf States will be the most likely countries to see a British Airways plane land on the tarmac in the coming months with business executives in tow, resulting in numerous trade deals signed and a host of commercial partnerships agreed.’’ He highlights that ‘‘The UK leads the world as an education exporter – and it can do better still’’[3]

Source: Jim O’Neill, BRICs and the UK’s Economy

(Two years ago, exactly today, I wrote this article on UK’s move for the membership of AIIB. Now, after Brexit, the UK is seeking its role and market outside the EU. And, optimistically, there are huge opportunities to be globalised rather than Europianisation without globalising the EU properly. However, to be globalised, the UK can/must change its past role in the global market.)