++CLIENTS PLEASE NOTE THERE ARE BLACK FRAMES IN BETWEEN SOUNDBITES++
SKY NEWS - NO ACCESS UK MAINSTREAM BROADCASTERS/AL JAZEERA/BLOOMBERG. IF YOU ARE A FOREIGN NEWS CHANNEL DISTRIBUTED IN THE UK AND IRELAND ON SKY'S DIGITAL SATELLITE PLATFORM AND WANT TO USE THIS CONTENT, PLEASE CONTACT THE CUSTOMER LIAISON DESK AT: email@example.com
"I must say, I was particularly encouraged by the Prime Minister's (Theresa May) manifesto for an entrepreneurial state, investing in and promoting patient capital. I'm most encouraged and I think most British people should be that there is an emergent bi-partisanship, in the sense that this has been John McDonnell's line for a number of months now, but let me also share with you my worries and connected with Brexit. The British government is going to have difficulty funding these very good projects, in view of its obligations to companies like Nissan, and not just Nissan, what I call a project of corporate welfare to ameliorate for the impact of exiting the customs union and the city market."
"My considered opinion is that a rational, conservative, Tory government should be activating on the one hand Article 50, this is what the verdict of British people instruct them to do, but at the same time, very same time, in March of 2017 request that this three year period is followed by a period of a Norway-like arrangement with the European Union – minimalist change when it comes to customs, single market, the passporting of financial services, creating continuity while respecting the Brexit verdict of the 23rd of June, so that the next British parliament, which will have a mandate from the people of Britain to negotiate and to debate amongst itself, what kind of Brexit, what kind of long term arrangement do the British people want to have to run their relationship with the European Union, to establish that. I think that Britain needs more time than those three years, and the Norway-like agreement would provide the space and the calm which is necessary for business, for politicians, for diplomats and for citizens to smoothen the way towards a potentially successful Brexit."
"We have what I call a 'nationalist international' developing, throughout Europe and in the United States, but look this is the repercussion of the inept handling of the 2008 financial disaster. After 2008, we had a very brief period of rationality, and then the G20, the central banks got together and deflated the financial sector, and they did this well – well in the sense of efficiency, but not in the sense of social justice, but nevertheless they did it. But immediately after that when they should have followed it with something like a global new deal, a fiscal policy that was up to the task of pushing investment in the real economy up to real levels, not just investment in paper assets, that never happened, and the result is just like after 1929, a great recession, it did not allow to become a great depression because of the actions of the central banks, but it led to a great deflation. We have a serious deflationary forces in America, in China, throughout Europe, trillions and trillions of government debts are now in negative interest rate territory, and grave deflations breed nationalism just like in the 1930's."
Economist, and former Greek Minister of Finance Yanis Varoufakis, congratulated British Prime Minister Theresa May on Monday for her Patient Capital Review, but expressed concern for how the projects will be funded.
May on Monday announced the launch of the review, chaired by Sir Damon Buffini, to help innovative firms get the long-term investment they need to transform breakthrough ideas into sustainable businesses.
Varoufakis said while he was encouraged by the announcement, "the British government is going to have difficulty funding these very good projects, in view of its obligations to companies like Nissan".
He also stated that Britain needs more time to negotiate its exit from the EU, and should look towards a Norway-like agreement "to provide the space and the calm which is necessary for business, for politicians, for diplomats and for citizens to smooth the way towards a potentially successful Brexit."
Varoufakis also commented on the current political climate, blaming what he calls a developing "nationalist international", on "the inept handling of the 2008 financial disaster".
Varoufakis made his comments in an interview with British broadcaster Sky on Monday.