Globalization Should Benefit Everyone, UK PM May Says At Davos

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Governments and businesses should adopt a new approach to help everyone benefit from globalization, British Prime Minister Theresa May said Thursday.

In a speech at the World Economic Forum meeting at Davos, Switzerland, May urged all businesses to demonstrate leadership through playing by the same tax rules.

If there must be public consent for a global economy, higher standards of corporate governance are needed, May said.

Further, the British premier said economic prosperity must not be left to international market forces alone, but governments must also do their part. Some people feel left behind as the world benefits from globalization and free trade, May added.

Regarding the U.K., May said the road ahead will be uncertain, yet her country is looking towards a brighter future. She reiterated that Britain by instinct is a global trading nation and will seek to forge trade deal with friends old and new.

The success of the European Union is in the interest of the U.K., May noted. Her country will be a best friend and neighbor to its European partners, but will reach beyond the continent too, she said.

In a crucial speech on Tuesday, May signaled a "hard Brexit", which implies a complete separation from the European Union, when she announced her country will not remain in the single market. However, she said the government will try to gain maximum access to the single market. The "Brexit" negotiations are set to begin by late March.

European leaders, including German Chancellor Angela Merkel, have reiterated that the UK will not be allowed to "cherry pick", meaning the country cannot just enjoy the benefits of EU membership without sharing any obligations.

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