Trebles all round! Cameron cashes in on Brexit through Belt & Road fund role

Cameron and XIFormer UK Prime Minister David Cameron has taken on a new role leading a government-backed investment initiative between Britain and China. The fund was announced among a raft of new investment agreements finalised during last week’s two-day visit to Beijing by UK Chancellor Philip Hammond as part of efforts to boost global trade ties before the UK leaves the EU in 2019.
The $1bn fund will focus on improving ports, roads and rail networks between China and its trading partners as part of President Xi Jinping’s trillion-dollar Belt and Road Initiative designed to revive the ancient Silk Road trade routes between Asia and Europe.
During his visit, which coincided with the UK-China Economic and Financial Dialogue, Hammond appeared at a press conference alongside Chinese Vice Premier Ma Kai to confirm that the two countries would be simultaneously be looking to speed up the introduction of the London-Shanghai Stock Connect program, which they claimed would be mutually beneficial to a post-Brexit Britain and a China that is looking to further open up its markets.
They also announced moves for banks from both sides to better cooperate and increase their presence and activity in each other’s country, as well as an agreement on a feasibility study into a Mutual Recognition of Funds that would open up China to the UK’s asset management sector.
Although the BRI fund has Westminster’s blessing and will be a purely private-sector initiative without recourse to taxpayers’ money, Cameron’s involvement will raise eyebrows as the fund will be based in Ireland rather than the UK, and will therefore benefit from the republic’s more generous tax environment (although a spokesman insisted that Cameron himself would not be advantaged by its location).
It is also heavy with irony, considering it was Cameron’s decision to hold a referendum on the country’s EU membership as a ploy to silence the Europhobic right-wing of the Conservative party that trigged Brexit and has given such ex-EU bilateral agreements so much added significance.

Source: bbc