Broker Check

A Brit in Boston

| August 17, 2018
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David Cameron was Prime Minister of The United Kingdom from 2010 to 2016. During his tenure, tax rates were lowered, regulatory burdens on business were reduced, the national budget deficit was cut by nearly 70%, welfare was reformed, and Britain became the world's fastest growing major economy.* On Tuesday, July 31, 2018, I sat in the front row of the immense Boston Convention Center to hear him speak.
 
Stating the obvious, he began with the words, "These are disputatious times." In the case of Europe, he said the European Union (EU), headquartered in Brussells, has gotten "too big and too bossy." Such is the nature of unelected bureaucracies, and the same critique applies to much of the U.S., at both the state and federal level. I'll come back to that.
 
Referring specifically to President Trump's recent lecturing of G-7 leaders in Quebec City, Cameron said (I'm paraphrasing), "Trump is right, at least in part. ...We do need your leadership and your growth to make the world great again. ...and he is right to raise these (trade) issues, but do not destroy the free trade system. ...Improve the trade deals, but keep free trade."
 
Referring to the rise of populism in both the U.S. and Europe, Cameron cautioned, "Do not despair of populism. The people's grievances are real; heed them, and work to fix their problems, and they will be with you."
 
You may remember "Brexit", the 2016 referrendum, wherein the British people voted to leave the European Union. Cameron had wanted Britain to remain in the EU, and when he lost that vote, he resigned as Prime Minister. I was impressed by his actions at the time, but even more by what he had to say about Brexit to us. "We will survive, and we will get through this difficult time (referring to trade renegotiation). But, as a leader, you must - you absolutely must - consult your people; and that's what we did." 
 
Until next week,
 
PATIENCE, DISCIPLINE, and CONFIDENCE in the FUTURE! mh
 
********
 
Michelle Oroschakoff, Managing Director and Chief Legal and Risk Officer, from the introduction.
 
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.
 
The opinions expressed in this material do not necessarily reflect the views of LPL Financial.
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