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Theresa May: UK will be a global leader on trade Theresa May: UK will be a global leader on trade
(35 minutes later)
Theresa May has told leaders at the World Economic Forum in Davos that the UK will be a "world leader" on trade.Theresa May has told leaders at the World Economic Forum in Davos that the UK will be a "world leader" on trade.
But the prime minister also warned that inequality blamed on globalisation was aiding the "politics of division".But the prime minister also warned that inequality blamed on globalisation was aiding the "politics of division".
Her speech to business leaders and politicians in Switzerland comes after EU leaders said a post-Brexit trade deal with the UK would be "difficult".Her speech to business leaders and politicians in Switzerland comes after EU leaders said a post-Brexit trade deal with the UK would be "difficult".
The European Commissioner for Economic Affairs, Pierre Moscovici, said Brexit would be bad for the UK and the EU.The European Commissioner for Economic Affairs, Pierre Moscovici, said Brexit would be bad for the UK and the EU.
Key message was on globalisation
In her speech, Mrs May said the world was enjoying an "unprecedented level of wealth", but many people felt this was "not working for them".In her speech, Mrs May said the world was enjoying an "unprecedented level of wealth", but many people felt this was "not working for them".
Global elites needed to tackle the backlash against globalisation, liberalism, and free trade because leaders who "embrace the politics of division and despair" were working to exploit the situation.Global elites needed to tackle the backlash against globalisation, liberalism, and free trade because leaders who "embrace the politics of division and despair" were working to exploit the situation.
The prime minister promised the UK, after Brexit, would take on a "leadership role as the strongest and most forceful advocate for free markets and free trade anywhere in the world". Mrs May said: "Talk of greater globalisation can make people fearful. For many it means their jobs outsourced and their wages undercut. It means having to sit back as they watch their communities change around them.
She argued for reforms so the global economy created wealth for all, rather than a "privileged few", so that "centre-ground mainstream politics" could "work for everyone". "And in their minds, it means watching as those who prosper seem to play by a different set of rules, while for many life remains a struggle as they get by, but don't necessarily get on."
Economic plans Analysis: A blunt message to global elite
BBC assistant political editor Norman Smith writes: I didn't expect Theresa May's speech to give so much emphasis to the downside of globalisation and, with it, implicit criticism of the international elite.
She suggested that too many bosses were not playing by the rules of paying their taxes, taking on board their social responsibility or spreading the benefits of growth and wealth.
That's quite a tough message when you're talking about people in front of you.
Mrs May needs these people to be on board because they bring in billions of pounds of investment - she also needs them to be confident about Brexit.
Her message to the international elite was fairly blunt: "You guys need to shape up the way you operate - we can't carry on as before."
What about plans for the UK economy post-Brexit?
The prime minister promised that the UK after Brexit would take on a "leadership role as the strongest and most forceful advocate for free markets and free trade anywhere in the world".
She argued for reforms so the global economy created wealth for all, rather than a "privileged few", and "centre-ground mainstream politics" could "work for everyone".
In the UK, Mrs May said, she would announce her "industrial strategy" soon, adding that this would "address the longstanding and structural weaknesses our economy".In the UK, Mrs May said, she would announce her "industrial strategy" soon, adding that this would "address the longstanding and structural weaknesses our economy".
She said: "This is not about propping up failing industries or picking winners but creating the conditions where winners can emerge and grow."She said: "This is not about propping up failing industries or picking winners but creating the conditions where winners can emerge and grow."
The prime minister promised a "bold, confident, open Britain" after Brexit.The prime minister promised a "bold, confident, open Britain" after Brexit.
Earlier, Chancellor Philip Hammond warned the EU that the UK would have to find ways to stay competitive if there was no "comprehensive trading relationship" post-Brexit.Earlier, Chancellor Philip Hammond warned the EU that the UK would have to find ways to stay competitive if there was no "comprehensive trading relationship" post-Brexit.
He said: "Our first obligation of government is to make sure that our people are able to maintain their standard of living."He said: "Our first obligation of government is to make sure that our people are able to maintain their standard of living."
European reaction European/business views
Ahead of the speech European Commissioner for Economic and Financial Affairs, France's Mr Moscovici, told the BBC that Brexit was not a positive move. Ahead of the speech, European Commissioner for Economic and Financial Affairs, France's Mr Moscovici, told the BBC that Brexit was not a positive move.
"You cannot have all the advantages of being the member of the club when you're out of the club," he said. "You cannot have all the advantages of being the member of the club when you're out of the club," he said. "I think that our British friends, who invented clubs, can understand that."
"I think that our British friends, who invented clubs, can understand that." Looking more broadly at the situation facing the UK after Brexit, Barclays chief executive Jes Staley said the bank was looking at routing some of its activities through its operation in Ireland and Germany but the "bulk" would remain in the UK.
Analysis - By Dominic O'Connell, Today business presenter He told BBC Radio 4's Today programme: "I don't believe that the European financial centre will leave the City of London.
Theresa May may receive a warmer reception from Davos delegates than many expect. "I think the UK will continue to be the financial lungs for Europe. We may have to move certain activities ... but I think it's going to be at the margin and will be manageable."
Patrick Thomson, a fund manager at JP Morgan Asset Management who specialises in sovereign wealth funds - those giant international investors that put the nest eggs of whole countries to work - says that they are positive about the UK's prospects.
For them, Brexit is a short-term issue.
"You have to remember these are intergenerational investors - that's the time horizon they have, and they are upbeat about the UK, which still has many attractions for them, including ease of investment and rule of law," he said.
That's the kind of response that will be music to Mrs May's ears - sovereign wealth funds have been the biggest investors in UK infrastructure in recent years, and her plans to breathe new life into Britain's roads, railways, schools and broadband networks rely on their support.
Johnson's WWII comment 'an embarrassment'Johnson's WWII comment 'an embarrassment'
On Wednesday, Foreign Secretary Boris Johnson warned the EU not to penalise the UK for Brexit.On Wednesday, Foreign Secretary Boris Johnson warned the EU not to penalise the UK for Brexit.
He said: "If [French president] Monsieur [Francois] Hollande wants to administer punishment beatings to anybody who chooses to escape, rather in the manner of some World War Two movie, then I don't think that is the way forward.He said: "If [French president] Monsieur [Francois] Hollande wants to administer punishment beatings to anybody who chooses to escape, rather in the manner of some World War Two movie, then I don't think that is the way forward.
"I think, actually, it's not in the interests of our friends and our partners.""I think, actually, it's not in the interests of our friends and our partners."
Downing Street later said Mr Johnson "was not in any way suggesting anyone was a Nazi".Downing Street later said Mr Johnson "was not in any way suggesting anyone was a Nazi".
But Labour said the "wild and inappropriate comment" would not "improve the climate for negotiations".But Labour said the "wild and inappropriate comment" would not "improve the climate for negotiations".
On BBC Newsnight, former World Trade Organization director general Pascal Lamy said of Mr Johnson's comments: "It's a clear embarrassment for all these high-flying diplomats in the Foreign Office and they deserve all our compassion."On BBC Newsnight, former World Trade Organization director general Pascal Lamy said of Mr Johnson's comments: "It's a clear embarrassment for all these high-flying diplomats in the Foreign Office and they deserve all our compassion."
What we know about May's Brexit plansWhat we know about May's Brexit plans
The prime minister has already delivered one speech on the UK's future this week, revealing on Tuesday her plans for the country's relationship with the EU and the wider world after Brexit.The prime minister has already delivered one speech on the UK's future this week, revealing on Tuesday her plans for the country's relationship with the EU and the wider world after Brexit.
The key aims were:The key aims were:
Further reading