UK Economics

‘There is no nervousness’: Spain admits how little Brexit will impact the British economy

SPANISH companies are not concerned about the impact of Brexit to the British economy and only two per cent are thinking of leaving the UK, a lawyer has claimed.

Eduardo Barrachina, the Treasurer of the Official Chamber of Commerce of Spain in the United Kingdom insisted Spanish companies “were calm”.The Treasurer spoke at the Joint Committee for the European Union on May 17 to report on the consequences of Britain’s decision to exit the bloc.

Mr Barrachina claimed that Spanish companies were not concerned about the overall impact of Britain leaving the European Union.

He said: “The UK has absorbed 15 per cent of Spain’s total foreign direct investment abroad.

Theresa May and Eduardo BarrachinaYOUTUBE•GETTY               Eduardo Barrachina claimed that Spanish businesses were not too worried about Brexit

“There is no nervousness and only two per cent could consider today leaving the UK as an option.”

However, the Treasurer said that there was no way that Spain would not be impacted by Brexit.

He added: “There is no doubt that the effects of Brexit will be felt in Spain and in our interests.

There is no nervousness and only two per cent could consider today leaving the UK as an option

Eduardo Barrachina

“We are the ninth investor in the UK. Spanish investment in the UK represents four per cent of the entire UK investment.“Brexit is a matter strictly derived from British politics and only from a strictly British key, we can understand it.

“True, it transcends the UK in its effects, but at its root, there is the disenchantment, insularity and lack of confidence of British society towards the EU. Their reasons cannot be ignored.”

Mr Barrachina reiterated that “the United Kingdom is the main tourist market for Spain” and highlighted how many British expats live in Spain and the number of Spanish citizens that have moved to the UK.

The Treasurer admitted he was optimistic that Spain could “reaffirm the ties and values between both countries” when the kings of Spain visit in June.

“We believe that the official visit of the kings of Spain in June of this year is an extraordinary occasion to reaffirm the ties and values between both countries,” he said.“It should not be forgotten that it will be the first state visit since the activation of Article 50 giving Spain the opportunity to evoke what unites us with the UK, especially in a post-Brexit context.”

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