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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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