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18 Mar, 2019 14:49

Brexit could be ‘terrific’ for emerging markets, says investment guru Mark Mobius

Brexit could be ‘terrific’ for emerging markets, says investment guru Mark Mobius

As the world’s fifth-largest economy the UK is set to leave the European Union, the prospect of doing that without a Withdrawal Agreement could be “terrific” for emerging markets, according to veteran investor Mark Mobius.

“If the UK says: ‘Look, we are free trade. Everybody can come into our country, everybody can trade free of problems,’ then (Brexit) is going to be terrific,” Mobius, founding partner at Mobius Capital Partners, told CNBC.

“It is going to be good for England, it is going to be good for the rest of the world and particularly for emerging countries,” he explained, adding “Don’t forget, the UK has very close ties with a lot of these great emerging markets.”

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When asked whether he had concerns about the UK being unable to strike trade deals and vary tariffs post-Brexit, Mobius replied: “Exactly.”

“I fear that whatever happens, it will be sort of a mixed bag and not really a clear free market situation — which is what is needed,” he said.

Westminster overwhelmingly rejected British Prime Minister Theresa May’s Brexit divorce plan for a second time last week. MPs also voted against leaving the EU without a deal and approved a motion calling for a delay to the March 29 exit day in order to have more time to resolve the impasse.

Also on rt.com May to give MPs free vote on delaying Brexit, after 2 crucial defeats for UK government

May urged UK lawmakers to make an “honorable compromise” and do “a patriotic thing” and vote for her Brexit deal unless they want leaving the EU to take months, “if ever.”

The PM said the delay will be short if the deal is eventually approved by Parliament and becomes law. A longer delay – which May cautioned against – could be used by UK leaders to try to negotiate a completely new deal, prolonging the Brexit saga for another year or so. May is due to head to Brussels to request a short delay to the withdrawal process.

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