Bank of England Governor Mervyn King called (11-Mar-2011) for a "grand bargain" to bring about a global rebalancing and avert a move towards protectionism. In a speech to the Stanford Institute for Economic Policy Research in California, Mr King stated a resurgence of imbalances should motivate governments to tackle instabilities in the global economy to prevent a repeat of the financial crisis. “The most obvious problem at the global level is that the imbalances are growing again. The current pattern of demand in the world economy is unsustainable. The political tension generated by the divergent preferences of surplus and deficit countries risks moves toward protectionism,” Mr King stated.
Bank of England notes imbalances in global economy
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Brexit and aviation: still no clarity, even as UK government sets timeframe and broad principles
Over seven months after the UK voted in a referendum to leave the European Union, the longer term impact on aviation remains uncertain. The UK Prime Minister Theresa May will almost certainly gain parliamentary authority to trigger Article 50 by her planned deadline of the end of Mar-2017, taking the UK out of the EU by Mar-2019.
On 17-Jan-2017 Mrs May set out 12 principles which will guide the UK in its negotiations with the European Union over the terms of its exit. These principles formed the basis of a White Paper outlining the government's planned approach to the Brexit negotiations. Among other things, the UK does not plan continued membership of the EU Single Market and wishes to control immigration.
There is now a clear timeframe for the Brexit negotiations and a broad framework to guide the UK government in these talks, but still no clarity for aviation. There are obstacles to the UK's continued membership of the European Common Aviation Area, and a bilateral approach may now be more likely. The UK Transport Secretary wants the "best possible access to European aviation markets", but is not yet able to say how that can be achieved.