With British voters wanting a second referendum perhaps they didn’t really grasp the full meaning and impact of their votes. Lack of investment in education is likely to have played a key role in this regard.
As per Tidjane Thiam, CEO of Credit Suisse, what Britain is going through is a result of chronic lack of investment in education along with high levels of inequality.
On June 23, in a referendum, Britain voted to leave the European Union, a decision that has rattled its businesses and created a turmoil in financial markets.
Thiam, once headed the British insurance firm Prudential and has lived in Britain for nearly 15 years, was shocked to hear that a school in Tower Hamlets, a borough close to London, the world’s financial capital, had children half of whom had just one meal a day.
“That’s something I had seen in Ivory Coast,” said Thiam, to a business conference in the south of France.
He went on to add that Britain should adopt a system which redistributes the wealth from the tax system, even if this were to mean that taxes has to be raised, but those who are losing out on the benefits of globalisation should not feel disenfranchised.
“I was watching the march in London on Saturday, which I welcome. But I would have liked to say to them: ‘how many of you would accept to pay more taxes?” said Thiam. “It’s all well and good to have big signs and protest against the ‘Leave’ vote. But it would be another story if you started having a discussion about creating more solidarity.”
He went on to add that it’s very likely that those with low levels of education have voted for Brexit.
“That’s the price paid for a chronic lack of investment in education,” said Thiam. “Something must be done at the national level so there aren’t so many people left behind that the result of a national, democratic vote gives a result which is bad for the country in the medium term.”
Tidjane Thiam was named as CEO of Credit Suisse, Switzerland’s second-biggest bank on July 1 2015.
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