Brexit will cripple SA, warns Peter Hain
Anti-apartheid activist says losing EU ties will take a toll on financial services sector
FORMER British MP and renowned anti-apartheid activist Peter Hain warns that Brexit will cripple SA through its financial services sector. He voted against Britain leaving the EU in the country’s referendum in June. "All of the trade, banking transactions and financial services between SA and the single market of the EU are channelled through London. That’s the conduit. "The EU is the world’s biggest, richest single market. In a world post-Brexit, it will cost SA dearly," he says. "While Brexit is on course to happen, the problem is that the Brexiteers don’t have a clue about the destination. A respected study from Warwick University has shown that the benefits of Britain being a member of the EU outweigh the perceived disbenefits [sic] of being a nonmember by seven to one. "For Britain’s economy, it’s catastrophic — but for SA’s too, in terms of huge regulatory costs on financial services." Hain was in Johannesburg recently after accepting a visiting professorship at the Wits Busin...
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