Brexit will make UK more globalist, Theresa May says

British prime minister Theresa May moved to position Britain as a leading advocate of free trade and globalisation on Thursday, describing Brexit as a “unique opportunity” for Britain to embrace internationalism.

In a keynote speech to the World Economic Forum in Davos, Ms May said Britain’s decision to leave the European Union meant it would become “a confident country in control of its own destiny again”.

“The UK . . . will step up to a new leadership role as the strongest advocate for business, markets and free trade,” she told a packed congress hall in the Swiss town.

She said the vote to leave the EU was a vote to “restore our parliamentary sovereignty and national self-determination.”

Dell chief finds Ireland still hitting the sweet spot

---

Low-tax FDI model running out of steam, says Honohan

---

Ardagh moves to refinance $1.3bn of debt as IPO planned

---

European shares in retreat as Iseq outperforms its peers

---

Noting that Britain had always been “profoundly internationalist,” she continued: “We are proud of our European heritage, but [are] a country that has always looked beyond Europe to the wider world . . . We are by instinct a great global trading nation that seeks to trade with countries not just in Europe but beyond Europe too.”

After Brexit, Britain would become “even more globalist in action and in spirit,” she said.

Forces for good

In a speech that focused at length at both the benefits and responsibilities of free trade, Ms May said “free trade, partnership and globalisation” had been forces for good.

“Free trade . . . is the basis of our prosperity,” she added. “But outside this hall, those forces for good which we take for granted are being called into question. Forces that have had such a positive impact, lifting millions out of poverty, broken down barriers and raised living standards, are now being undermined.”

She said there was a “sense among the public that mainstream political and business leaders have failed to comprehend their legitimate concerns”.

Citing the threat from the far left and far right across Europe she said it was important to recognise that  living in a “more global and individualistic world” could leave some people feeling locked out and left behind.

“I am determined to make sure that centre-ground mainstream politics can respond to the concerns people have today. I am determined to stand up for free trade and globalisation but also to show that these forces can work for everyone.”

Ensuring businesses pay their fair share of taxes and setting clear rules for business was crucial for a fairer society, she said.

Ms May said that while “some of our European partners feel we’ve turned our back on them,” Britain’s decision to leave the EU was “no rejection of our friends in Europe”.

She welcomed the fact that preliminary discussions were under way between Britain and several countries on new trade deals, including Australia, while China and the Gulf states had also expressed interest.

Ms May’s trip to Davos comes two days after a landmark speech in which she confirmed Britain would leave the single market once it withdrew from the EU. The prime minister was due to meet senior figures from Goldman Sachs, JP Morgan and Morgan Stanley on the fringes of the World Economic Forum yesterday.

Concern

But many senior banking executives have expressed concern at signs of a “hard Brexit” coming from London, with a number of banks confirming at Davos that they planned to move staff out of London as a result of the British referendum. JP Morgan Chase chief executive Jamie Dimon said this week“it looks like there will be more job movement than we hoped for,”  while HSBC also announced plans to move jobs from London to Paris.

Also in attendance at Davos were British chancellor of the exchequer Philip Hammond and international trade secretary Liam Fox.

London mayor Sadiq Khan also travelled to the Swiss town in a bid to drum up business for London. Speaking to CNBC he said leaving the single market “would be bad for London”. “I accept the case that the British public have voted to leave the European Union, to leave the structures of the legal institutions. What the British people haven’t done is to vote to make us poorer,” he said.