Brexit Means Brexit

Cover Story Inputs by the British High Commission, New Delhi

UK is the only major country which will simultaneously meet the NATO target of spending 2 percent of GDP on defence and the UN target of spending 0.7 percent of GNI on development.

Britain is a truly great country, thriving and prospering on the world stage. UK is a permanent member of the UN Security Council, of NATO, of the G7, the G20 and the Commonwealth. Its voice is prominent on the world stage.

Britain is open for business, committed to peace and security, and a leading supporter of the international rules-based system. Our commitment to our extensive security cooperation with international partners remains steadfast.

UK is the only major country which will simultaneously meet the NATO target of spending 2 percent of GDP on defence and the UN target of spending 0.7 percent of GNI on development.

Brexit means Brexit and we will make a success of it. While our future relationship with the EU is still to be determined, we are not leaving Europe. UK will want the strongest possible economic links with our European neighbours, as well as our close friends in North America, the Commonwealth and other important partners around the world. We must be more active, more outward facing, more energetic on the world stage than ever before.

The UK government hold fast to a vision of Britain that is respected abroad, tolerant at home, engaged in the world and working with our international partners to advance the prosperity and security of our nation for generations to come.

EU Commission President Juncker has announced his intention to allocate the Security Union portfolio to the UK Commissioner (2 August). Sir Julian King, has been nominated as the UK’s Commissioner to the EU, and now awaits confirmation. A No. 10 spokesperson welcomed the decision: “The UK will continue to fulfil our rights and obligations as a member state until we leave the EU and the Prime Minister has been clear that we will be an active player, so it is right that we should continue to have a Commissioner role. Security is a vital issue for all member states and cooperation across the EU can help to better protect us all from the range of threats we face. The President called the Prime Minister to inform her of his decision. We now look forward to Sir Julian being confirmed in the role.”

‘Masala’ bond (1 August): London’s status as the leading global financial centre was underlined when the world’s first ever ‘masala’ or rupee-denominated bond issued outside of India by an Indian company was listed on the London Stock Exchange, Chancellor Philip Hammond announced. Housing Development Finance Corporation is the first company to issue a bond of this type and their decision to issue and list in London is a clear sign that Britain’s capital is the world’s number one financial centre. The bond raised INR 30 billion, equivalent to $450 million. It has a maturity of 3 years and an annual yield of 8.33 percent. It was more than 4 times oversubscribed, with significant interest from Asian investors. This illustrates London’s pivotal role as a strategic partner for financing investment in major emerging markets, thanks to its deep and liquid capital markets attracting a global investor base.

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Diplomatist Magazine was launched in October of 1996 as the signature magazine of L.B. Associates (Pvt) Ltd, a contract publishing house based in Noida, a satellite town of New Delhi, India, the National Capital.

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