Pascal Lamy: Brexit will be long, bumpy ride

04.07.2016 / 05:22

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Brexiters have 'absolutely no plans' but there are a number of challenges that the U.K. economy will face through the process, said Pascal Lamy former WTO General Director.

Accordin to him, it will take a very long time before Britain leaves the EU. The first step will be the disentangling of the U.K. legislation from the EU legislation. Once that is complete, it will take a lot of time before reaching square two, which is the new relationship between U.K. and European continent.

A bigger challenge, he said, is that the U.K. with its 60-65 million consumers, will have to negotiate with a bloc of 450 million consumers.

According to the former WTO chief, in the EU 27 on the continent, there is not a single country where the majority of citizens would like to leave the Union. That is why, the British case is so specific. There is no other notion that a country should step out of the union because "it is a bad bargain."

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Pascal Lamy: Brexit will be long, bumpy ride

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