'We need your tourists!' Spanish fear bad Brexit deal for UK will damage THEIR future
A BAD Brexit deal for the UK could have “serious consequences” for Spain, according to a Spanish professor.
Luis Garicano: Brexit will DAMAGE Spanish industries
Luis Garicano, a professor of Economics and Strategy in London, said he feared a lack of British tourists would hugely impact Spain's economy.
Speaking at a Brexit conference in Spain, the professor said there was no going back on the UK’s decision to leave the EU and a ‘hard’ Brexit was likely.
He added middle classes in Britain had felt “threatened” by globalisation and technology and Brexiteer politicians had taken advantage of their mood.
“The starting point is to recognise that Brexit is a situation that has developed within the framework of a global problem of populism,” he said.
Luis Garicano said a 'hard' Brexit could have "serious consequences" for Spain
It would be a situation with a very damaging potential for Spain
“The middle classes feel threatened by globalisation and technology and as a consequence, some politicians have taken advantage of this anxiety to offer simple, but erroneous solutions to complicated problems.
“The relationship between Spain and England within the European Union has been a relationship that shows all the good things that the European Union can do.
“Unfortunately, there is no going back. As the negotiation implies, the risk of a hard Brexit, a break, is very high.”
Mr Garicano added tourism and financial services sectors in Spain could both take a hit as a result of Brexit.
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He said: “We would have very serious consequences in Spain. For commercial exchanges, we have a huge commercial surplus.
“For exchange of tourist services, for example, we have 15 million English tourists in Spain, and for the exchange of capital, we are the second largest investor in financial services in the United Kingdom. And the UK invests heavily in Spain, in all industries.
“In short, it would be a situation with a very damaging potential for Spain.”
Meanwhile, a former Spanish foreign minister has warned Gibraltar it will be “completely isolated” after Britain leaves the EU.
The majority of Gibraltarians voted to Remain in the European project, as they fear being punished with closed borders and customs checks by Madrid.
Jose Garacia-Margallo said: “If you want to be part of the European Union, the internal market and so on you have to have a member state which is responsible for the foreign affairs of Gibraltar.
“It’s for the Gibraltarians to decide; either you want to be completely isolated or you want to be part of the European Union.