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| America's economic ties with UK still strong after Brexit, White House insists | America's economic ties with UK still strong after Brexit, White House insists |
| (35 minutes later) | |
| The White House has insisted that America’s economic, military and cultural ties with Britain remain “as strong and vibrant” as ever following the UK’s vote to leave the European Union last week. | The White House has insisted that America’s economic, military and cultural ties with Britain remain “as strong and vibrant” as ever following the UK’s vote to leave the European Union last week. |
| Related: US and UK special relationship is 'enduring', Obama says after Brexit | Related: US and UK special relationship is 'enduring', Obama says after Brexit |
| Eric Schultz, the White House deputy press secretary, told a regular briefing: “I dispute the suggestion that our relationship with Britain is going to be altered from where it is now.” | Eric Schultz, the White House deputy press secretary, told a regular briefing: “I dispute the suggestion that our relationship with Britain is going to be altered from where it is now.” |
| He added: “I can tell you, broadly speaking, the president has said our relationship is not only special but unique and enduring. We believe the links and ties between our two countries transcend any politicians.” | He added: “I can tell you, broadly speaking, the president has said our relationship is not only special but unique and enduring. We believe the links and ties between our two countries transcend any politicians.” |
| Schultz acknowledged the financial instability caused by the vote. “There’s no question this has promoted volatility in the immediate term in the financial markets,” he said. But he insisted the administration’s experts “are confident that UK policymakers have the tools necessary to promote financial stability”. | Schultz acknowledged the financial instability caused by the vote. “There’s no question this has promoted volatility in the immediate term in the financial markets,” he said. But he insisted the administration’s experts “are confident that UK policymakers have the tools necessary to promote financial stability”. |
| British banks, he added, are in “much better shape” than in recent years. But he warned that the US trade team was evaluating the impact of the UK’s decision on the Transatlantic Trade and Investment Partnership, which the US has spent years negotiating with the EU. “If we have to start again with the UK, that’s just a different starting point. I don’t have a timeframe to give you right now.” | British banks, he added, are in “much better shape” than in recent years. But he warned that the US trade team was evaluating the impact of the UK’s decision on the Transatlantic Trade and Investment Partnership, which the US has spent years negotiating with the EU. “If we have to start again with the UK, that’s just a different starting point. I don’t have a timeframe to give you right now.” |
| Asked about the timing of the UK’s withdrawal from the EU, Schultz said: “This will be a process for the EU to work out with the UK. I understand the UK will have to file its article 50 [of the Lisbon Treaty] before that process can commence. What we expect is for there to be an orderly process.” | Asked about the timing of the UK’s withdrawal from the EU, Schultz said: “This will be a process for the EU to work out with the UK. I understand the UK will have to file its article 50 [of the Lisbon Treaty] before that process can commence. What we expect is for there to be an orderly process.” |
| Related: Kerry urges UK and European Union to 'minimize disruption' from Brexit split | Related: Kerry urges UK and European Union to 'minimize disruption' from Brexit split |
| Pressed on whether the autumn would be too late, he replied: “That’s going to have to be a process, a timeline for the UK to work out with the EU. Our expectation and priority is making sure it’s an orderly process, it’s organised and transparent.” | Pressed on whether the autumn would be too late, he replied: “That’s going to have to be a process, a timeline for the UK to work out with the EU. Our expectation and priority is making sure it’s an orderly process, it’s organised and transparent.” |
| Schultz declined to offer a view on the turmoil in the Conservative and Labour parties. “It’s going to be hard for me to comment about American domestic politics, let alone British domestic politics. My understanding is it’s not clear if there’s going to have to be an election to succeed Prime Minister [David] Cameron. | Schultz declined to offer a view on the turmoil in the Conservative and Labour parties. “It’s going to be hard for me to comment about American domestic politics, let alone British domestic politics. My understanding is it’s not clear if there’s going to have to be an election to succeed Prime Minister [David] Cameron. |
| The spokesman added: “The president spoke with Prime Minister Cameron over the weekend. They had a very good conversation. The prime minister is a very good friend of the president.” | The spokesman added: “The president spoke with Prime Minister Cameron over the weekend. They had a very good conversation. The prime minister is a very good friend of the president.” |
| The UK remains a valued member of Nato and crucial in intelligence sharing and the fight against Islamic State, he added. “The bonds between the United Kingdom and the United States are going to endure.” | The UK remains a valued member of Nato and crucial in intelligence sharing and the fight against Islamic State, he added. “The bonds between the United Kingdom and the United States are going to endure.” |
| Schultz denied that the Brexit vote had taken the White House by surprise and said contingency plans had been put in place. “Obviously we hoped for a different outcome but it would have been irresponsible not to plan for both outcomes.” | Schultz denied that the Brexit vote had taken the White House by surprise and said contingency plans had been put in place. “Obviously we hoped for a different outcome but it would have been irresponsible not to plan for both outcomes.” |
| Schultz added: “What’s important for the average American to realise is that this was a decision for the British people and the British people have spoken and it’s a decision we respect.” | |
| The special relationship endures and will be ‘bedrock’ of security,” he said, while the EU remains an “indispensable partner”. There were now safeguards built into financial systems to cope with unexpected headwinds, he said. | |
| Noting the involvement of secretary of state John Kerry and Treasury secretary Jack Lew, Schultz explained: “We’re going to remain engaged. We’re going to make sure this is an orderly process. But it also seems to be a goal shared by the UK and EU.” | |
| Asked twice whether the UK could hold a fresh Brexit vote, Schultz was cautious. | |
| “The British people have spoken,” he said. “Their ambassador said over the weekend this is irrevocable. I haven’t heard anything to the contrary.” |