David Cameron, the former British prime minister whose legacy for some will always be Brexit, has made a surprise and controversial return to front-line U.K. politics in one of the great offices of state.
It’s a risky gamble for the ruling Conservative party, which is trailing the opposition Labour Party in the polls.
Prime Minister Rishi Sunak brought Cameron back from the political wilderness to make him foreign secretary, the equivalent of secretary of State, at a pivotal time for geopolitics. Tensions are high in the wake of Russia’s invasion of Ukraine and the attack on Israel by terrorist group Hamas.
Cameron’s return was triggered by a reshuffle of top ministerial roles after Home Secretary Suella Braverman was sacked. She had accused the police of bias over pro-Palestinian protests that she described as “hate marches” because a minority of participants have been anti-Semitic.
The last major political upset from the U.K. had a severe impact on markets both at home and in the U.S. Just last year, another former prime minister, Liz Truss, was at the helm when a mini-budget of tax cuts and spending measures spooked exchanges.
The
FTSE 100
index of top stocks fell 5% during her 44-day tenure as did the
S&P 500.
It’s a different story today. Markets are calm, and the FTSE 100 closed up 0.9% to 7,245.
The return of the former prime minister in such a prominent role at a key time will be seen as a divisive appointment. There is no doubt that Cameron is a political heavyweight with experience and an international profile. But he is also seen as the man who helped bring chaos to the U.K. after failing to plan for the unlikely outcome of the country voting in favor of leaving the European Union.
In 2013 Cameron promised to hold an in-or-out referendum on the U.K.’s membership of the European Union. He argued that Brexit would be an act of “economic self-harm,” and when a majority ignored him in the 2016 referendum and voted to leave, Cameron resigned as prime minister, leaving the mess for his successor.
Cameron’s departure from government opened up a period of tremendous uncertainty for the U.K. Brexit has to date cost the U.K. lost 2% to 3% of economic output, according to a July 2023 report by Jonathan Portes, professor of economics and public policy at King’s College London.
Cameron’s appointment will raise fears that Sunak is comfortable with that kind of uncertainty. The Conservative government was re-elected in 2019 with a majority of 80 and now has 350 elected politicians. It’s a worrying sign that David Cameron is the best talent Sunak could find from that sizable pool of Conservative law makers.
This moment in world history would be challenging for anyone. The role requires integrity, diplomacy, and a strength of spirit to persevere in the toughest of times.
U.K. voters didn’t get to decide on Cameron’s fate after the Brexit vote. But they will vote again within the next 14 months. Perhaps the world will finally get to know what Britons think of the man who delivered them to Brexit.
Write to Rupert Steiner at [email protected]
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