Mr. Cameron, who was Prime Minister of United Kingdom from 2010 to 2016, and demitted office after a referendum which voted for UK leaving the EU. Mr. Cameron wanted his country to be part of the EU.

Former British Prime Minister David Cameron on Thursday said that that there is 80 % chance that his country would leave the European Union (EU) on the basis of an agreed deal and 20 % chance that the deal would be brought to some form of political blockage.

Speaking to the 90 th AGM of Indian Chamber of Commerce in Kolkata the Conservative Party leader said that under Brexit negotiations there is a fundamental choice whether the country stays close to European market keeps some of the rules of European market and reduce its sovereignty or it stays entirely separate and make your rules.

“It really is trade off between economic benefit and perceived political independence.. I say perceived because I do not buy the arguments..,” Mr. Cameron said. The former Prime Minister of Britain advocated the option of a soft Brexit by staying close to a single market and added that ‘harder Brexit’ would create more friction.

Asked about the impact of Brexit on the British economy, he replied, “It depends on what sort of Brexit it is. If it is a Brexit where we remain allied to single market or somewhere,… I don’t think the impact will be huge."

Mr. Cameron, who was Prime Minister of United Kingdom from 2010 to 2016, and demitted office after a referendum which voted for UK leaving the EU. Mr. Cameron wanted his country to be part of the EU.

During the discussion he defended his decision to hold referendum and said as the issue of Brexit was poisoning Britain politics. He said that the rational argument was staying inside the EU and fighting for change. Mr. Cameron said in hindsight, he feels that emotional arguments trumped some of the rational arguments.

He also spoke against protectionism and isolationism in trade and said that as the leader of free world the United States of America President Donald Trump talking about benefits of protectionism is “very dangerous”. Mr. Cameron described a “fundamental flaw in Trump’s thinking in which trade surplus with everyone is good and trade deficits with everyone is bad”.

“If all have trade surplus, who will have deficits, Mars, Jupiter Moon. It is nature of economies that you have surplus with some and deficits with others,” he said.

Emphasising on the need of skill development Mr. Cameron hailed Prime Minister Narendra Modi’s initiative of ‘Skill India’. He cited example that South Korea imparts skill training to 98 % of its people and UK 68 % and India only 2 %.

The former British Prime Minister also expressed concern that democracies across the world are "having bad times" with the rise of strongman politicians and populist parties.

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