David Cameron is no longer the Prime Minister of the United Kingdom. He has just dropped his resignation with her Majesty Queen Elizabeth II.
Theresa May has officially taken over as the new Prime Minister of the United Kingdom. She will be taking on the biggest task to be undertaken by a UK Prime Minister in recent times.
First is the need to negotiate UK’s exit from Europe. This is the toughest of her duty as EU members are ready to remain adamant on core issues such as immigration, trade and financial markets.
May will also have to prevent the eventual breakup of the UK. Aftermath of the election shows Scotland and Northern Island are not approving of Brexit. Scotland in particular has been closing ranks with EU leaders to see how they can remain a part of the EU. Another referendum might happen should May fail to convince Scottish leaders to stay.
The Conservative Party is also in tatters. The resignation of David Cameron speaks volume. The party is divided against itself and it will take time and tact for May to unite it.
The coming weeks will set the tone for her government and capability to take on these challenges. A situation that might further bleed the global financial markets, seeing a sell of UK-linked assets.
Theresa May will also need to build investor confidence in the UK. The exit of the state from EU comes with major challenges and headache for corporations who are currently in the middle of a confusion of what becomes the fate of their business and financial interests in the aftermath a UK-EU negotiation.
Nigeria and most major economies in Africa are not immune from consequences of Brexit. Nigeria’s FDI from the UK as a result of its pre-Brexit status is substantial, the eventual reduction in this has sent panic signal to Nigeria’s stock market.
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