Sputnik: How much will the EU be effected economically by Brexit?
Alan Sked: The withdrawal of about 10 billion pounds each year nearly every EU country because they will have to try and make up this budget gap. There'll be a possibility of them raising taxes, which some countries are very much against, there's the other possibility that cohesion funds that go to poorer areas in various countries will be stopped and the rumour is that the cohesion funds of the more advanced countries, if they're going to be cut, they'll be cut there first.
This is obviously upsetting and their governments could turn, there will obviously be political repercussions from the poorer areas of the countries involved. There's also the story that places like Hungary and Poland, who are unpopular with the commission because of their views on human rights, will be especially discriminated against, that those who the commission are disfavouring to because of their domestic policies will find that they will be targeted for financial cuts.
Sputnik: Is London's status as the global financial capital under threat following Brexit?
Alan Sked: It's repeatedly number one in all indexes, and that's because it's international, it's very deep, it's got not just financial services but legal services, accounting services, it's in the right place timezone wise, it's got the English language, the English legal system behind it. There's nowhere really to compete with it in Europe.
Sputnik: Would a no deal Brexit be better than a hard Brexit and do you believe that Brexit was a mistake for the UK?
Alan Sked: I think a no deal would be fine, we would then be able to say we're giving no money at all to the EU, we could set our own regulations immediately and start dismantling a lot of the EU regulations, we'd no longer have to worry about the external tariff and could strike trade agreements with places like America, China, Japan and others immediately.
We'd have control of our own immigration immediately, we could have a flexible system which is geared to our needs and of course, we'd be sovereign entirely with regard to law and wouldn't have to worry about the European court of justice anymore, so there are lots of advantages.
I think Brexit is one of the best things to happen to us since 1945, it was a mistake to go in and it hasn't given us any advantages being in the European Union, we haven't gained anything. The government's always told us we had, but never justified their defense of our membership.
If we come out, we become a normal, self-governing democracy again, which is a huge gain, we're no longer subject to Brussels red tape, no longer subject to foreign courts, and we'll have control of our own immigration policies, so these are all pluses.
The views expressed in this article are solely those of the speaker and do not necessarily reflect the official position of Sputnik.
The views and opinions expressed in the article do not necessarily reflect those of Sputnik.