Saturday, July 16, 2016

New Conservative United Kingdom Prime Minister Takes Office

           The new Conservative Party leader has taken office as Prime Minister, after the resignation of David Cameron that followed the results of the referendum in favor of the United Kingdom leaving the European Union.  The new Prime Minister, Theresa May, had campaigned in favor of remaining in the E.U., although not as aggressively as her immediate predecessor, who had negotiated concessions from the E.U. 

May named one of the leaders of the campaign to leave the E.U. as her Foreign Minister and she is expected to continue the previous Government’s policies, which include being a strong ally of the United States against terrorism and opposing Russian aggression.  She can now begin the negotiations to exit the E.U. by 2018.  A free trade agreement with the U.S. is a possibility.  

Meanwhile, the markets had returned to normal as the shock of the British exit wore off and uncertainty decreased as it has become increasingly obvious, as it should have been even before the referendum, that the E.U. wishes to continue to trade with the U.K. while its members will maintain their bilateral treaties with the U.K.

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