Brexit LIVE: Project Fear smashed! Top economist hails UK as Europe investment powerhouse | Politics | News

Tej Barrick, chief economist at the Institute of Directors, said that the country’s strong industrial base and location continue to make it an attractive option. These benefits are backed by a strong legal and regulatory framework, he added.

The UK’s world-class universities coupled with access to highly-qualified graduates are an added bonus for firms looking to invest.

Mr Barrick noted that financial and professional services are particularly successful sectors and continue to attract foreign investment.

And a notable development over the last decade has been the emergence of technology startups, including fintech and digital companies.

They have defied Brexit doom mongers to attract significant international investment, he said.

Renewable energy is also another potential growth area for foreign direct investment.

The UK’s strength as a financial services hub has not been significantly affected even after the loss of passport rights within the European Union, he explained.

He added: “When the government published its industrial strategy in 2017, investors could see that Britain was planning to reinvest in its roads, railways, digital networks, cities and towns, and this helped attract foreign investment.”

He added: “We’re at the point where we assess the risks of undermining these strengths due to Brexit, the pandemic and other factors.”

READ MORE: UK and France sign major deal to ‘strengthen’ security in Channel

He spoke as a leading economist who previously described Brexit as a “slow puncture” admitted that wages are rising for many workers.

Jonathan Portes, a professor of economics at King’s College London, said last month that leaving the bloc will be “a significant but not catastrophic” drag on UK economic growth for many years.

He added it was “not a blowout, but a slow puncture”.

But in a column published by The Independent this evening, the academic admitted that wage growth could defy expectations.

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His comments came after data from recruitment firm Reed found that average salaries this year have risen by 18 percent across hospitality and catering, 10 percent in retail and four percent overall.

Professor Portes wrote: “Most economists argued that the ending of free movement after Brexit would be unlikely to do much to boost wages for low-paid British workers.

“Are we now being proved wrong?”

Additional reporting by Monika Pallenberg

SEE BELOW FOR LIVE UPDATES…

6.58pm update: French turn on Schengen Area as migrant crisis boldens Frexit ‘Can’t host whole world!’

French citizens are turning on the European Union’s free movement Schengen Area as more migrants arrive in the country via Greece with little control on numbers.

President of Generation Frexit Charles-Henri Gallois warned the French population was turning on the European Union for allowing large numbers of migrants to enter the continent with little restrictions.

He explained many migrants entering France were arriving from Greece and said many were “economic migrants” rather than refugees fleeing persecution or war.

The French campaigner then told TalkRADIO his solution to fixing the problem and delivered a stern warning to the EU and told them to be “tougher” on immigration.

Speaking on TalkRADIO, Mr Gallois discussed the migrant crisis after record numbers of migrants entered the UK via France several weeks ago.

Mr Gallois looked at the problem and said: “The big issue is [asylum seekers] shouldn’t be in France and France as a big problem with the European Union and with the Schengen area.

“Because they don’t arrive directly in France because it’s very hard to arrive there but they arrive from Greece, they arrive from Italy and within the Schengen Area, they are free to go wherever they want.

“That’s also why the UK is suffering because many migrants want to come to France or the UK so we receive many of them.

5.54pm update: Brexit row escalates as Irish MEP accuses David Frost of ‘acting in bad faith’

Brexit tensions between the EU and UK remains high as an Irish MEP tells Express.co.uk that Lord David Frost is “acting in bad faith”.

The EU and UK are still grappling over the Northern Ireland protocol as Brussels offers up proposals to try and break the deadlock.

The bloc published two plans to try and put an end to the post-Brexit deadlock, focused on food imports and medicine.

It comes after the grace period – which enabled imports of food to continue flowing into Northern Ireland without checks – was extended a further three months.

4.34pm update: ‘Don’t believe the EU!’ Britons hit back as Brussels ready to bend own rules in Brexit row

Furious Brits have slammed the EU after it published a “non-paper” to avoid drug shortages in Northern Ireland.

Yesterday Brussels set out plans to ease restrictions on drugs shipped from mainland Britain to the region.

It came amid warnings that about 2,000 medicines currently offered to patients in Northern Ireland could be withdrawn as drug manufacturers grapple with EU red tape.

The bloc’s mealy-mouthed attempt to find a solution was instantly slammed by many Express.co.uk readers.

One raged: “I don’t believe what the EU says whatsoever, just hit the damn Article 16 (which would unilaterally suspend the protocol)!”

Another said: “The first sign of losing access to the UK’s fishing waters and they fold like a wet piece of paper.

4.05pm update: Thank God we’re out! EU throws tantrum and drags 23 nations to court for not obeying rules

Brussels has launched legal action against 23 EU countries for being too slow to write the bloc’s copyright rules into national law.

The member states, including France, Italy, Spain and Poland, have been set an ultimatum to explain their tardiness or face further consequences.

The EU copyright rules were adopted two years ago to ensure a level playing field between the bloc’s creative industries and online giants such as Google and Facebook.

The European Commission confirmed that it had sent letters of formal notice to the countries asking for explanations.

3.23pm update: EU rule changes could give fishermen carte blanche to plunder seas

Brussels could usher in an era of overfishing with plans being drawn up for significant rule changes, ministers have warned.

Fisheries minister Victoria Prentis said proposed changes to EU fisheries rules could result in overfishing of critical stocks like mackerel and tuna.

She said the suggestion that increased approved margins of error on reporting catches could “elevate the risk and magnitude of underreporting and overfishing with no risk of sanction”. T

he issue was raised by influential MPs on the Commons European Scrutiny Committee.

3.21pm update: Oliver Pritchard-Jones taking over from Steven Brown

1.45pm update: ‘Will the EU exist in 2030?’ Britons mock Grayling’s referendum plot on UK re-joining bloc

Britons have mocked A C Grayling’s plot for Britain to rejoin the European Union claiming the EU will not exist in 2030.

Yesterday, the staunch rejoiner predicted the UK will rejoin the bloc in less than 10 years.

However, following his comments, many people hit back at the rejoiner and claimed the EU will not exist in 10 years’ time following the rise of Euroscepticism across the bloc.

One Express.co.uk reader said: “The question really should be: Will the EU still exist by 2030?”

Someone else said: “Pure, unadulterated comedy gold from Grayling and his remainiac cohorts.

“He has really made me laugh this morning.”

12.10pm update: ‘Red tape cut’ Wine dealer highlights money Brits can save on imports amid price raise

Red tape plans for British wine imports have been scrapped in new post-Brexit government plans which spells good news for British businesses, according to wine merchant Jasper Corbett.

Speaking to GB News’ Nigel Farage, Mr Corbett explained how the cutting of potential red tape placed on wine by the British Government has saved Brits spending more for their vino.

The wine merchant explained how the Government have decided to scrap earmarked post-Brexit wine checks on wine imports, which involve wine tests to check for acidity on each import, which could have made bottles of wine 10-15p more expensive for Brits.

He said the U-turn by the government to not go ahead with the VI-1 certificates was good news for both merchants and consumers, saving Britons around £130 million.

Mr Farage said how the move is a “Farage dream” of cutting red tape.

11.45am update: Same old Labour! Starmer looks to bind Britain to EU beyond Brexit as he demands new deal

Labour is demanding Boris Johnson push for a new Brexit deal that would see the UK bound by EU rules indefinitely.

Shadow chancellor Rachel Reeves is pushing for ministers to cave to EU demands on a compromise over the Northern Ireland Protocol.

Lord Frost is seeking to renegotiate the Brexit mechanism, warning London and Brussels “cannot go on as we are” with the current deal.

Ms Reeves admitted Labour also believes the Protocol requires reform and wants Lord Frost to bow to the EU’s suggestions.

“We thought the deal would be built on, but gaps have not been filled in,” Ms Reeves said as she criticised Boris Johnson’s “thin” Brexit deal.

10.35am update: Barack Obama thanked for Brexit referendum victory: ‘Boris scoffed at him!’

Barack Obama’s visit to Britain ahead of the 2016 EU referendum helped the Vote Leave camp swing the vote in their favour, Lord David Owen told Express.co.uk.

Two months before the Brexit referendum, former US President Barack Obama visited London.

Speaking in a press conference alongside former Prime Minister David Cameron, Mr Obama warned Britons that a trade deal with the US would have not been a priority if the country left the EU.

Mr Obama said: “The UK is going to be at the back of the queue.”

10am update: ‘Admit you were wrong!’ Nexit calls erupt as Brexit Britain’s economy booms against EU

Brexit Britain’s economy may grow exponentially compared to the EU’s by the end of this year, economists claim, sparking calls for the Netherlands to leave the bloc.

Nexit Denktank campaigners are urging the Dutch government to allow for a referendum on the Netherlands’ membership to the EU, arguing Brexit Britain is a great example of life outside the bloc.

The Dutch campaigners are calling on anti-Brexit fearmongers to admit they were wrong about the catastrophic predictions made ahead of the 2016 UK referendum as they cite the latest economic figures proving Britain’s success.

8.50am update: Boris Johnson can secure bumper US trade deal with Biden by copying Australian tactic

Boris Johnson has been told he can seal a bumper post-Brexit trade deal with the US by adopting a straightforward approach to negotiating which emphasises the importance of deadlines.

Former Tory and UKIP MP Douglas Carswell told Express.co.uk: “When Britain and Australia sat down and created a new trade deal I think people were quite surprised at how quickly it can be done.

“And I think this is all because of what you might call the Tony Abbott lesson.

“Tony Abbott is the former Australian prime minister, and he has a key role advising the UK Government.

“Now one of the great bits of advice Tony has always given people is that when you want to do a trade deal, set your officials a hard deadline for negotiation because he learned that the negotiations will always expand to fill the time allotted to them.

“Bear in mind, as always, right now, even without a trade deal, America is our single largest trade partner and our single largest source of foreign investment.

“We’re massive trade partners with each other so we’re not starting from a completely blank canvas.”

8.30am update: Brexit outrage: EU accused of having ‘head in sand’ – anger at ‘belligerent’ revenge plot

Arlene Foster claimed that the EU “has its head in the sand” over border issues in Northern Ireland and will continue “its belligerent attitude to the protocol”.

Ms Foster claims the present circumstances in Northern Ireland should see the implementation of Article 16 of the protocol.

The former leader of the DUP claimed in a piece written today in the Daily Telegraph that there was a “well-worn mantra of the protocol protecting the peace in Northern Ireland” emanating from the EU.

However, the unionist politician suggested instead that “the protocol does not protect the Good Friday Agreement”.

8am update: Brexit fury: Switzerland provides warning to UK for ‘war of attrition’ with EU

Brexit tensions between the UK and EU could follow a similar route to the dispute between Brussels and Switzerland, an expert tells Express.co.uk.

Kevin Featherstone, an academic at the London School of Economics, points to Switzerland as an example of how grappling with the EU can last a long time.

He said: “I think what we have, at least for the medium term, we are going to have continued friction between the UK and the EU27.

“Why is that? It’s a direct consequence of us not being able to reach an overarching agreement that sets out all the substance and details.

“What we have is a pure outline agreement that can be interpreted differently.

“Because of that, it always meant Brexit would be a source of conflict between Brussels and London.”