Home / Knowledge / News / Textiles / 'Major global markets likely to lose interest in EU'
'Major global markets likely to lose interest in EU'
29
Jun '16
Map showing UK and rest of the world. Courtesy: UK government
Map showing UK and rest of the world. Courtesy: UK government
Major worldwide markets such as the US, China, Japan, India, Canada, Australia and New Zealand are likely to lose interest in the EU, if the full exit of UK from the EU goes ahead, says a latest report.

The loss of interest by major markets will be because very few of the people in these countries know any European languages, except English, says a study carried out as part of Europe 2016 Wealth Report by New World Wealth.

According to the report, after Brexit, Ireland will be the only English speaking country left in the EU. This will likely result in a large inflow of EU migrants into Ireland as most EU citizens have English as their second language (very few EU citizens know French, German or other European languages).

“As a result, we expect over 3 million EU citizens to enter Ireland over the next 5 years – this may create some panic in Ireland and may cause them to hold their own referendum in a few years,” says the report.

UK's exit will also have its impact on Turkey's plan of joining the EU, which is less likely to materialise now.

For many EU citizens, the possibility of going to the UK without restriction was the cherry on the cake as it was an English speaking country with a good social welfare system and offered a route to other English speaking countries such as the US and Australia through work transfers. However, with Brexit, this facility would go away and it will become the main factor that encourages other countries to leave the EU. “We expect Holland and Ireland to be the next countries to leave the EU (within 5 years). We expect the 'big 4' EU markets of Germany, France, Italy and Spain to stay,” the report states.

The study suggests that UK should re-introduce two year working visas for young people from other English speaking countries like Australia, New Zealand and Canada. This will ensure that well educated young people continue to come to the UK. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

FDI to be hit if EU withdraws GSP benefit to Myanmar: DICA

Apparel/Garments | On 13th Nov 2018

FDI to be hit if EU withdraws GSP benefit to Myanmar: DICA

Foreign direct investments (FDI) in Myanmar will be hit if the...

British luxury brands eye US market post Brexit

Fashion | On 13th Nov 2018

British luxury brands eye US market post Brexit

British luxury brands are exploring the US market to forge new and...

UK parliament panel asks fast fashion firms for answers

Apparel/Garments | On 13th Nov 2018

UK parliament panel asks fast fashion firms for answers

The Environmental Audit Committee in the United Kingdom has called on ...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

It will take some time for the people to change their buying choices

Awen Delaval, Samatoa

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Top executives, Textile industry, India

Top executives
Textile industry, India

Such fairs are a must for industry to showcase new innovations

Shyam Gupta & Ravi Gupta,

Shyam Gupta & Ravi Gupta

Based out of South Delhi, Gargee Designer's provides bespoke formal and...

Vikas Banduke,

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Manuele Baggini,

Manuele Baggini

Comec Italia Srl is a world leader in the production of printing machines. ...

Giorgio Mantovani, Corman S.p.A

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Ray Baughman, University of Texas -Dallas

Ray Baughman
University of Texas -Dallas

<div>A team of scientists and researchers have discovered twistrons,...

Melissa Tate, University of New South Wales

Melissa Tate
University of New South Wales

<div><div><div><div><b>Melissa Tate</b>, a well-known scientist currently...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Yash P. Kotak, Bombay Hemp Company

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


November 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search