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A former Treasury Minister has sharply criticised the British government’s approach to trade relations in the run-up to Brexit.

In an interview with DIE WELT Lord O’Neill condemned the Prime Minister’s failure to build strong relationships with important economies, particularly China.

„Within a week of the [Brexit] referendum the Chinese approached us about a free trade agreement. Under [former Prime Minister] Cameron and [former Chancellor] Osborne they would have had that discussion 15 months ago.“ Theresa May, on the contrary, „doesn't get out and about and think about China“, said Lord O’Neill, who served as a Treasury Minister the time of the EU referendum and resigned in September 2016 allegedly unhappy with May’s lack of enthusiasm for developing the economy in Northern England. On Tuesday it was announced that Trade Secretary Liam Fox was on a visit to China.

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Lord O’Neill also expressed doubts about the Government’s approach to focus future trade links with the Commonwealth. With the exception of India those countries’ economies are, in Lord O’Neill’s opinion, too small for what British business will need after Brexit. „It’s kind of fantasy. This year, China is going to grow by 6.7 percent. In nominal GDP-dollar terms, China will create a new Australia this year. It will create 4 New Zealands this year. And Liam Fox and our ludicrous foreign minister spend half of their life going to New Zealand. It’s mad.“ Brexiters in May’s cabinet like Boris Johnson or Michael Gove were „very intellectual, smart people. But they have no clue about the world of economy. They are clueless, sadly. Clueless.“

Lord O’Neill’s global economic outlook for 2018 is optimistic, with the exception of Britain. „The world economy is entering the end of this year in my view the strongest it’s been in ten years. With 8 of the 10 largest economies of the world all accelerating at the same time. So the world is probably growing by more than 4 percent right now. Unfortunately, the UK and India are the two that are not. And ours has been self-inflicted because of [the way Brexit is handled]... I think there is considerable uncertainty about the next two or three years for the UK.“