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Life before, under, after Brexit| 2017.03.20.

The Magyar Nemzeti Bank (The Central Bank of Hungary) has invited George Osborne, former financial minister of Great Britain until the summer of 2016, the Brexit referendum. The main topic of course, was the future effects of Brexit, however during the interactive session many interesting questions were asked regarding the Trump administration, Russia gaining more influence to Osborne’s grandmother.

People were eagerly waiting in a long line to register for the session, which was co-organized by Magyar Nemzeti Bank, Corvinus University and the Department of the Central Bank.

Dr. Tamás Pesuth Director for International Relations was the first who addressed the fully packed auditorium, after which George Osborne took the stage. It is a great experience to be at this university – he said, who is currently an MP in the House of Commons. The main theme of the lecture was Brexit, nevertheless, Osborne – whose grandmother was Hungarian – started from further away: According to him, the world is living in an era of great transformations, since the big conglomerates have disappeared from the economy and AI will take away several jobs. About Brexit, the conservative politician said, that he was always a remainder and he was disappointed about the outcome of the referendum. At the same time, the results were based on a democratic procedure, where participation rates were high, which is why it is unlikely to legally change the results. Osborne thinks, that the legal aspects of leaving the EU will surface this year and the discussions on leaving will finalize two years later.

The Q&A session lasted for 45 minutes, which was highly motivating. On the rising influence of Russia, the politician said that no country should enter into a conflict with a similarly strong state, however it is unacceptable to conquer European territories or to continue cyber-attacks.

Regarding the new US president, he said he supports the Donald Trump he saw during the State of the Union address more, while the one during the inauguration speech less. He has reiterated, that during the Brexit-talks he would like to have a greater access to the common market, but first one has to see if other countries will follow the UK – such as the presidential elections in France. According to his opinion, the rights of EU nationals are guaranteed as far as UK nationals in the EU enjoy the same rights. Osborne was optimistic about the future financial position of the City. As he said, Great Britain continues to stay a center for higher-education where foreign students can feel safe.

Last modified: 2016.07.28.