4. Close-up of Richard Edward Baldwin, Professor of International Economics at the Graduate Institute in Geneva; pulls out to show Baldwin on panel
5. SOUNDBITE (English) Richard Edward Baldwin, Professor of International Economics at the Graduate Institute in Geneva:
"It's not like Britain is going to sink into the sea or anything. It's just going to be some people are going to have to accept lower wages and also there will be an inflation in the meantime, so lower real wages and that is the penalty to pay. That's the economic price to pay for this sovereignty."
6. Sign reading (English) "World Economic Forum"
7. SOUNDBITE (English) Richard Edward Baldwin, Professor of International Economics at the Graduate Institute in Geneva:
"Well, so I think that's a very bad idea. I think what is very clear that the British people voted to leave the EU, but it's not at all clear what they voted to do. And she has interpreted the mandate as if it was all about anti-immigration, was all about the Court of Justice, but that's the passion of a very small group of Tories. Now, I think that what's going to happen now, if they actually do leave, is that it's as if it's harder to export to Europe and Europe, the UK won't disappear. There needs to be a competitive adjustment. Essentially, the wages of British workers have to fall relative to EU workers to restore competitiveness. So there will be some quantity adjustment where they lose some jobs and some price adjustments where the workers get lower wages relative to their competitors. And that will be the fruit of Brexit, that the small group of Tories will have their sovereignty to play with, but the people paying for it will be the British workers, especially in manufacturing and trading goods."
8. Sign (English) "World Economic Forum"
9. SOUNDBITE (English) Richard Edward Baldwin, Professor of International Economics at the Graduate Institute in Geneva:
"Signing these other trade agreements that may or may not work. Those things take a very long time. U.S. trade agreements for example on average take six years to do. They won't be able to start this until they leave the customs union which will be a minimum of two years, so we are talking the end of the decade they might have some new trade agreements and that will be with distance countries, so I am not so sure that's going to work out."
10. Wide of delegates in forum
11. SOUNDBITE (English) Thomas Kariuki, Director of the African Academy of Sciences:
"So what we hope is that as the UK negotiates its way out of Brexit, it will negotiate its way into more collaborations and more partnerships with Africa, both in terms of the matters of trade as well as in areas of science and scientific collaborations and innovation, so good luck to hard negotiation and good luck to us if it translates into more partnerships for us."
Attendees at the World Economic Forum in Davos on Tuesday reacted to Theresa May's speech outlining Britain's exit strategy from the European Union.
One economist suggested a bumpy economic future lay ahead for the UK, with lower wages "the economic price to pay for this sovereignty".
Richard Baldwin, Professor of International Economics at the Graduate Institute in Geneva, added that trade agreements would also be difficult to work out.
Thomas Kariuki, Director of the African Academy of Sciences, said he hoped Brexit would translate into more partnerships for Africa.
More than six months after Britain voted to leave the European Union, on Tuesday May finally spelled out what it means: The U.K. will make a clean break from the EU and leave its single market of around 500 million people.
In her most detailed remarks since the June 23 vote, May said that Britain must regain control of its laws and borders, even as she called on the bloc to negotiate a free-trade agreement that will benefit both sides.? ?Britons voted to leave the EU in a referendum in June.