from Bill Still
lass=”” >Both Prime Minister David Cameron, and Boris Johnson, his presumptive replacement yesterday tried to calm teetering financial markets across Europe – and, at the end of trading today succeeded.
The big three European stock markets close at 11:30 am Eastern time. All three posted substantial gains.
The German DAX was up 1.93%, the French CAC 40 was up 2.61% and the British FTSE 100 gained 2.64%. This was the first turnaround after the Brexit vote four days ago.
Although I have never liked Cameron in the past, he did display extemporary leadership on the floor of the British Parliament yesterday that members of the US Congress could take a lesson from.
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Boris Johnson announced that Cameron’s “Project Fear” is over.
“It’s clear now that … there’s not going to be an emergency budget.
“People’s pensions are safe, the pound is stable, the markets are stable, I think that is all very good news.”
“This will bring not threats, but golden opportunities for this country – to pass laws and set taxes according to the needs of the UK.
“Yes, the Government will be able to take back democratic control of immigration policy, with a balanced and humane points-based system to suit the needs of business and industry.
“Yes, there will be a substantial sum of money that we will no longer send to Brussels, but which could be used on priorities like the NHS.
“Yes, we will be able to do free trade deals with the growth economies of the world in a way that is currently forbidden.”
Mr Johnson also reminded the Leave voters that there were 16 million who wanted the UK to remain:
“We who are part of this narrow majority must do everything we can to reassure the Remainers.
“We must reach out, we must heal, we must build bridges because it is clear that some have feelings of dismay, and of loss, and confusion. “
Nigel Farage, an MP to the European Parliament, who championed the Brexit vote for over a decade, now worries that Mr. Cameron and Mr. Johnson may be backsliding on the immigration crackdown.
On Saturday, it was reported in the Telegraph that Farage has been excluded from a cross-party committee which will negotiate Britain’s exit from the EU.
However, Farage, as head of the Independence Party at the European Parliament, will undoubtedly have plenty of clout in discussing terms for the British breakaway.
Farage’s first speech before the European Parliament in Brussels was the first one with which I did not wholly agree. Although he made some great points and he was as articulate as ever, his attitude was a bit more abrasive then was called for and lacked a key quality of a good leader – graciousness in victory.
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I’m Still reporting from Washington. Good day.