Cameron invokes trade with India in anti-Brexit debate

LONDON: British Prime Minister David Cameron on Sunday invoked rising trade with India as part of his plea to the public to vote to remain in the EU, saying the

LONDON: British Prime Minister David Cameron on Sunday invoked rising trade with India as part of his plea to the public to vote to remain in the EU, saying the UK could do more with the country, but cutting off from the main market would be “economic madness”. The pound surged to a three-week high of 1.4673 against the dollar after his statement.

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Meanwhile, 10 Nobel economics laureates, including George Akerlof, Kenneth Arrow, Angus Deaton, Peter Diamond, James Heckman, Eric Maskin, James Mirrlees, Christopher Pissarides, Robert Solow and Jean Tirole, also called to Britain to remain in the EU.

Appearing on ‘Question Time’ on BBC on Sunday, Cameron said: “We sell more in services today to Luxembourg than we do to the whole of India. Of course, we need to do better with India; we need a trade deal with India. But the idea that we should cut ourselves off from our main market, is economic madness. We need to work to succeed in our main market and then open up other markets.”

Foreign exchanges traders braced themselves for increased volatility later in the week as corporate leaders, including Richard Branson, made the pro-EU case ahead of Thursday’s referendum on Britain’s future in the EU.

Ken Gregor, chief financial officer of Tata-owned Jaguar Land Rover, joined a pro-EU statement by the Society of Motor Manufacturers and Traders (SMMT), and said: “Remaining in the EU — our largest market —will increase Jaguar Land Rover’s chances to grow, create jobs and attract investment. Our European supply chain has been fundamental in helping us to meet customer expectations worldwide and achieve profitable growth.”

“We believe the UK would be better off economically inside the EU. British firms and workers need full access to the single market. In addition, Brexit would create uncertainty about Britain’s alternative future trading arrangements, both with the rest of Europe and with important markets. And these effects, though one-off, would persist for many years,” 10 Nobel economics laureates wrote to The Guardian.