First, the good news, we have a Secretary of State for pensions again. The bad news is that the UK is currently being governed by a minority Conservative Party that will need to rely on what some commentators have dubbed an ‘unholy alliance’ with the Democratic Unionist Party in order to get its key manifesto promises through parliament.
The hung parliament the British voted for, reflects the public’s apparent dissatisfaction with all the candidates and policies on offer. You could say we got what we asked for.
But on a positive note the House of Commons will have to work together and there is already hope that this could prove to be the stabilising force the UK needs after the uncertainty over our planned exit from the EU.
Within 24 hours of the election results the price of sterling had stabilised, as the City welcomed the possibility the UK’s exit of the EU might end softly thta is with a beneficial trade deal.
But so many things are yet unknown, and as Financial Adviser was going to press the future of Prime Minister Theresa May was looking shaky.
The thing is, she called an election when her party had a 20 point lead in the opinion polls, an election she had previously said she wouldn’t call.
Conservative supporters have told me that their loyalties were tested by the resorting of their party’s campaign into personal attacks against Jeremy Corbyn, leader of the Labour party and main opposition.
In contrast the campaigns run by the Labour party and also the Liberal Democrats, the Greens, even UKIP were all notable by their insistence in sticking to policy and manifesto commitments.
It’s a lesson for us all, whether you are offering financial advice to a reluctant client, or just looking to get through a bout of regulatory change. Stick to the facts and have faith people will make the right choice.