VISION FOR A NEW BRITAIN

On Monday, The Wall Street Journal published an article by Britain's Chancellor of the Exchequer, George Osborne, which began the process of articulating a vision for a United Kingdom that is not part of the European Union.  It could hardly have been a more pro-trade document.  The headline for the piece was "Britain is open for business," and today's featured quote was immediately followed by the observation that the forging of strong links "must start with a closer economic relationship with North America." 



But not just North America.  Mr. Osborne, who will soon lead a trade mission to Asia, spoke in broader terms.  "[H]aving been the voice for free trade inside the EU," he wrote, "we now intend to be its voice across the world."



As for tangible policies, perhaps the most significant item in Mr. Osborne's article was his plan to make British tax policy "even more competitive."  He wrote:

There are some startling statistics in George Osborne's article, and you will want to read it for yourself.  But it was the fact of the article that made it so important.  On June 23 British voters said they wanted to leave the European Union.  Yet in the days that followed the policy was fundamentally unclear because, as a practical matter, there was no government to carry it out.  David Cameron effectively - not actually, but effectively - resigned the following morning and suggested that there might not be a new prime minister until October. 



All of that has changed.  And Mr. Osborne's article was, at least for us, the first real signal of that change.  That is, it was the first clear articulation from a leader in Her Majesty's Government of a positive vision for a post-EU Britain.  We expect elaborations of that vision will follow soon. 



Today, after all, was David Cameron's last day as prime minister.  As he put it in the House of Commons earlier today, "Other than one meeting this afternoon with Her Majesty the Queen, the diary for the rest of my day is remarkably light."



And by the time this day is over, there will be a new Prime Minister.  The Home Secretary Theresa May also has (or had) a meeting with the Queen today, after which she is likely to be quite busy.



We shall have more to say on both the new Britain and the evolving EU in later entries.  We will start tomorrow with some highlights from GBD's post-Brexit discussion on July 7. 



Your editor is someone who sincerely wants the UK to flourish as a strong, prosperous, and successful country.  That view is not affected by the details of the UK's relationship with the EU.  Still, some comment on the direction of that relationship is in order.  We know a number of very thoughtful people who do not believe that the UK will in fact ever leave the EU.  The starting point of their analysis is that the Brexit referendum was not legally binding and the government of the day will be free to do as it chooses.  From that, a number of "remain" scenarios present themselves.



On the other side of the ledger, both the outgoing Prime Minister, David Cameron, and the one who will take office today, Theresa May, have said emphatically that the referendum was definitive and the UK will leave the EU.  We take them at their word.  More than that - while the process is bound to be excruciatingly difficult - that doesn't mean it cannot and will not be successful.



On that score, we were profoundly encouraged by the upbeat and lighthearted scenes from the House of Commons today.  If you click on the link below, you will see political opponents enjoying each others' company and collectively expressing the kind of confidence that is the sine qua non of any major undertaking. 



We'll give David Cameron the last words here.  The first quote below is his comment on the developments in the Conservative and Labour parties following the June 23 referendum.  The second is a closing note on himself.



Cameron On Party Activities:



Cameron On Himself:



And then he sat down.

Open for Business takes you to The Wall Street Journal article by George Osborne that was the source for today's featured quote.



Cameron at Question Time is a link to a Youtube from Question Time earlier today in the British House of Commons.