Saxo Bank CEO Lars Seier Christensen – reaction to UK election


The FX world has had one eye on the UK election the past few weeks.

With the results now in, we are pleased to bring our readers the reaction to the Conservatives’ surprise victory from one of the leading FX executives in Europe, Saxo Bank co-founder and CEO Lars Seier Christensen.

  • Spectacular victory for David Cameron’s Conservatives confounds expectations
  • Cameron needs to hold true to his pledge to hold the EU to account
  • Disillusion with Brussels and its stranglehold on Europe growing
  • Brussels needs to start listening but that would go against type

The election result in Great Britain is amazing in many ways.

UK election resultsLabour has been appropriately punished, even humiliated for the lack of a coherent economic policy and the wipe out in Scotland is plain embarrassing. But again, the SNP sends a message that prime minister David Cameron will also have to listen to.

The reaction in financial markets have been understandably positive with a strong rally in the pound, as it would appear the UK is in for a period of stable and responsible economic policy.

It is great to see that some voters in Europe recognize leadership that addresses economic prudence and I believe that Mr Cameron deserves his victory.  His containment strategy towards UKIP has worked very well, but he now needs to heed to the message that the British public expects an in/out referendum on Europe.

When you, like me, are used to a proportional representation system, it feels bizarre that the third largest party hardly gains a seat, but still, Nigel Farage has had a lot of beneficial influence on Britain’s EU policy.

Hopefully, Brussels also gets the message but I doubt it. The EU never rolls anything back. It continues to amass more and more control in all areas.

The bureaucracy in Brussels has no self-criticism. No regrets. No matter how much and how often it fails. It just continues the roll out of its powers, and it will continue unabated, until someone says enough is enough. Until someone says stop.

The election outcome in Britain is our one chance to say stop!

Last year, we celebrated the 25 year anniversary of the fall of the Berlin Wall. Back then, in 1989, who could have imagined that just 25 years later, we would have forgotten about capitalism’s victory, about the dangers and failure of supranational government and control, forgotten socialism’s absolute bankruptcy and the importance of competition, efficient capital allocation and specialisation. Yet, here we are, with the EU repeating the failed experiments of the past.

Enough is enough.

I hope that Mr. Cameron, with this astonishing victory on his hands, keeps the promise he gave in his inspiring Bloomberg speech in January 2013, calling for deep reform of EU institutions.

He rightly put forward that public disillusionment with the EU is at an all-time high because people feel that the EU is heading in a direction that they never signed up to. He spoke the voice of most Europeans – at least the British and the Danish – that, put simply, many ask: “Why can’t we just have what we voted to join – a common market?”

We know that the British people agree with their re-elected prime minister that any ideology that claims to be bigger than the nation-state denies human nature. We should hold Mr. Cameron to that.

An EU referendum in Britain is the biggest hope for the real Europe. I will do everything I can to make sure that Denmark follows Britain whatever route she chooses to restore the Europa of history and diverse cultures, skills, competitive spirit and freedom.

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Saxo Bank CEO Lars Seier Christensen - reaction to UK election

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