The long-awaited Cameron speech was finally uttered and contains huge implications for both Britain and Europe.
The Leader of the Conservative Party has put his Party interest first, and may find it very difficult to deliver a new relationship with Europe that satisfies the Eurosceptics, plunging the Tory party into bitter infighting. Will the unfolding policy shambles frighten off foreign investors into the UK – both employers of British workers and investors in the `UK sovereign debt fund’?
The weakness of sterling that coincided with the speech underscores the deep-seated problems of the uncompetitive nature of the UK economy. These risks may be highlighted brutally by industrial and financial investors as they review the potential impact of a major disengagement from the EU’s Single Market. The legacy of the massive foreign debts that financed Britain’s consumption in recent years remains the Achilles’ heel – as it has been for decades.
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