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Post-Brexit PM Theresa May Inherits a Heavy Burden

新英国总理必须团结一致,并确保欧洲联盟的有利离婚。

In the end, the succession proved nearly as swift and unexpected as the event that triggered the U.K.’s political turmoil. After more than two weeks of vicious infighting unleashed by theBREXIT公民投票英国的执政保守党膏托尔斯纳威尔斯纳可能是在她的最后一次竞争对手突然撤回了大卫·卡梅伦,在7月11日突然退出。今天,她成为英国历史第二届女性总理。

可能会崛起避免了一个两个月的领导斗争,反对安德烈·雷索,一位部长和达尔克雷克阵营的宠儿,市场对政治稳定的新发现迹象感到欢迎。然而,早日的继承只是在保守派对欧洲政策的深刻差异,现在为现在的国家与欧洲联盟的关系,其最大的贸易伙伴的关系。

“She’s definitely the best chance of the Conservatives being able to unite, but it’s going to be tough,” says Jacob Nell, chief U.K. economist at Morgan Stanley in London. “She’s got a small majority, and the party’s very divided over the EU.”

6月23日近三周的公投,其中英国人被52到48级边际投票退出欧盟,该国的政治和商业机构正在努力计算后果。投注市场和大多数民意调查未能预测,“展示了4200亿美元,苏格兰,苏格兰,苏格兰,基于苏格兰的4200亿美元,苏格兰的首席执行官马丁吉尔伯特Aberdeen资产管理.

政治混乱是前所未有的。卡梅伦宣布他打算在公民投票结果的时间内辞职,称他在领导仍然是广告系列之后无法监督U.K.的出口。

鲍里斯约翰逊是前伦敦市长,曾曾曾抬头的Brexit推动,并且被广泛的预计将成功成功,似乎没有Clue与他的胜利有关,在投票结束后周末演奏蟋蟀,然后撰写报纸专栏,声称英国将退出来自联盟,同时保留全面进入欧盟单一市场。他的表现是弱者迈克尔·戈(Michael Gove的Orstwhile Ally Justice Manceister Michael Gove队)通过表示Johnson无法领导党,只有他自己的候选人被Gove的不忠实所震惊的议员击败了他自己的候选人。

Leadsom is a staunch Brexit advocate, but she dropped out after getting hammered in the press for appearing to overstate her financial industry experience and for saying she would make a better prime minister than the childless May because she is a mother.

The Conservatives’ only saving grace was that the opposition Labour Party was in even greater disarray, after MPs staged a massive vote of no confidence in its left-wing leader, Jeremy Corbyn.

“我预计Brexit,但我并没有真正思考政治神道人,”Johnson和标准特许银行首席经济学家的前经济顾问Gerard Lyons表示,他为Brexit Camp提供了大部分经济理由。

这本身就是一句话。BREXIT可能有深刻和持久的经济影响,但它超出了所有政治决定。The idea that a vote to withdraw from the EU after 43 years — rending the very fabric of the U.K.’s political and economic relationships with the rest of the world — would have anything less than momentous consequences was one of the more glaring of the Brexiters’ miscalculations.

标准普尔全球评分和惠誉评级迅速地剥离了U.K.其AAA评级,S&P引用了“不太可预测,稳定,有效的政策框架”。由标准寿命投资的八个资产管理人员停止投资者在数十亿英镑的商业房地产基金中销售股票,以防止任何关于邮政后的担忧的财产价值导致资金运行。

Yet aside from a 10 percent drop in the value of the pound, or actually because of it, the financial fallout was limited. On July 11 the FTSE 100 index closed more than 5 percent above its prereferendum level; U.K. blue chips generate most of their earnings overseas and stand to benefit from a weak pound. The domestically oriented FTSE 250 index was still down 3.6 percent. Most analysts expect a weaker pound to cushion any economic downturn. Morgan Stanley predicts a “shallow Brexit recession,” while Moody’s Investors Service cut its forecast for 2017 growth to 1.2 percent from 2.1 percent.

这是肯定的,即美国。经济政策将是刺激性的。州长马克卡尼承诺,英格兰银行会寻求反击投票的任何消极冲击,并通过削减银行的资本收费半个百分点,以鼓励贷款。中央银行预计将在7月14日会议上将其政策率缩减为25个基点至0.25%。屈服于十年的屈服。政府债券陷入了一半以上,达到了0.76%。

George Osborne, the chancellor of the Exchequer, scrapped his plan to balance the budget by 2020, and May was quick to endorse that fiscal easing. Osborne also met with top executives of six global investment banks and promised to work with them to maintain London’s status as an international financial center. And he went to New York to drum up investor interest — “selling Britain to the world,” as he put it.

Although some investment banks had warned of job cuts in the event of a Brexit vote, Lyons says the EU’s recently revised Markets in Financial Instruments Directive, or MiFID II, will act as a “safety valve” for the City of London because it offers market access to third countries with regulatory regimes that are equivalent to the EU’s: “You do not have to be in the single market to sell into the single market.”

然而,当量标准仍未存在,而法国政府已经推出了令人攻势的魅力,以引诱银行家到巴黎。Nell说:“这里没有技术修复”保证城市的地位。“有一个政治交易。”

That leaves the heavy lifting to May, 59, a vicar’s daughter from a small town in Oxfordshire. She was of more modest means than many of her Tory rivals and attended public elementary and high schools, but May went on to study geography at St. Hugh’s College, Oxford. There she was introduced to her husband, Philip May, now a London-based executive at Capital International, the overseas subsidiary of U.K. mutual fund manager Capital Group, by her college friend Benazir Bhutto, the future Pakistan prime minister. Elected to Parliament in 1997, she first drew attention on becoming Conservative chair in 2002, when she warned the group’s annual conference that they risked being perceived as “the nasty party.” As Home minister since 2010, she earned a reputation as a euroskeptic although she supported Remain, sotto voce, in the referendum. Notably, she sought to fulfill Cameron’s goal of reducing immigration — a key issue behind the Brexit vote — by more than two thirds, albeit with little success.

Immigration will play a central role in the U.K.’s exit negotiations with the EU. In her favor, German Chancellor Angela Merkel has made clear that EU leaders, not the European Commission in Brussels, will do the negotiating. That will maximize the clout of Merkel, who favors a velvet divorce. But France and Belgium have vowed to block any deal offering the U.K. single market access unless it includes the free movement of people.

Squaring that circle will challenge May. Her opening gambit is to play for time, saying the U.K. should wait to invoke Article 50 of the EU treaty and begin withdrawal talks until 2017 so it can formulate its position. Even then, talks aren’t expected to start in earnest before late 2017, given that France and Germany hold national elections next year in May and September, respectively.

但如果有人想到可能会在公投上倒置,她坚持认为这位女士不是为了转动。“Brexit意味着Brexit,”她在伯明翰的演讲中说了她的议程。“而且我们将取得成功。”

It was a remarkably ambitious speech that vowed to address not just Britain’s relationship with Europe but the economic inequality and insecurity that she believes contributed to the Brexit vote. May even promised to crack down on tax avoidance, executive pay and “corporate irresponsibility,” sounding at times almost like Corbyn or Bernie Sanders. “We don’t just believe in individualism but in society,” she said. “We don’t hate the state; we value the role that only the state can play.”

如果你想清楚地了解金融危机和欧盟公投已经改变了U.K.政治,那就想象那些从玛格丽特·撒切尔出来的线。在哪里,有人猜测需要多长时间。

访问汤姆布尔特基的博客and follow him on Twitter at@tombuerkle.