Indian-born British economist and labour politician lord Meghnad Desai said that India will “gain something” from the Brexit as it was the second largest investor in the United Kingdom. On the completion of six decades of its existence, Delhi University’s lady Shri Ram College held a lecture by Desai on Thursday.
“Brexit was a strong expression of the people of United Kingdom... It has not affected much on India. India has been on the margin, to gain from Brexit than lose anything. This vote will make the United Kingdom more independent in dealing directly with other nations, including India, which is the largest investor in the UK,” lord Desai told to a crowded auditorium of young female students of the college.
lord Desai, who is also a writer, said India’s interest is more in the “immigration”. While answering questions, he explained the reasons on why the Indian immigration had to be “restricted”. “Anti-immigration sentiment is not directed towards India because Indian immigrants are skilled. It was on the Government to stop immigration thus they had to put it laws as such as the Europe had open entry.”
Answering the question on trade, he said, “The left is one generation behind good capitalism. As of power, the right wing has mostly won power because the people don’t trust the left to cure with its economic policy”. On security of EU, lord Desai spoke about the Russian resentment to Ukraine joining the EU, and about the fact that most European countries have non-combat armies.
He mentioned that he voted “remain” in the referendum and also about how lords aren’t allowed to vote in general elections. Britain thought when it joined the EU in 1972 that it would be the answer to Britain’s problems. Britain always had asymmetric feelings towards EU.
According to him, UK was not a huge supporter of the free movements policy. Brexit is an English revolt more than a British revolt. Every part other than london voted in favour of Brexit, while Scotland voted remain. The withdrawal is being postponed due to political pressure caused by upcoming elections in France and Germany and referendum in Italy. This is one of the biggest constitutional changes in the history of Britain, since it came in response to an external agency. All laws have to be renegotiated. While talking about whether Brexit will have a contagious effect on Europe he said, France might vote Frexit post 2017 presidential elections, so might Germany and this will be a huge hit to EU.
He answered the question on whether Britain should try to reach out to those who voted “remain” so as not to alienate them, lord Desai remarked: “If Brexit had lost, nobody would have had any sympathy for the losers. People are the basis of democracy- good, bad, misinformed, young or old doesn’t matter. Don’t let outcome be the father of analysis. Democracy must be respected... This is a strong expression of public opinion and must serve as a wakeup call to politicians. Why did we ignore people who were disappointed with globalization for so long,” the professor Emeritus at london School of Economics and a member of the House of lords concluded.