i would like to conclude with a quote by margaret thatcher. theh i think encapsulates european project and why the british people need to reassert their sovereignty. such an unnecessary and irrational project as building a european superstate was ever embarked upon will see in future years to be the greatest folly." thank you. [applause] luke coffey: thank you for those remarks. we have some time for questions. we have a microphone, raise your hand and if i: you, identify yourself and any organizational affiliation. and please wait for the microphone. i will go over here first. the center of principles and politics, i am an intern. a question for nile gardiner. said, margaret thatcher would be opposed -- or would be in favor of brexit, why is the current conservative them saying in the union? how did they get so off-track? [laughter] luke coffey: putting it lightly. nile gardiner: an excellent question. i should point out that david cameron was interviewed soon after she passed away and he was asked whether he was a thatcherite. and he said no

welcome to the heritage foundation and the margaret thatcher center for freedom. it is my great pleasure to introduce john o'sullivan. i've known john for over 15 years and first met him when i worked for lady thatcher's private office in london. he is one of the most gifted conservative writers of his generation. and is responsible for crafting some of margaret thatcher's most powerful speeches. it is fitting, therefore, that john is able to join us today to talk about margaret thatcher and brexit just days before the historic british referendum on e.u. membership due to be held on june 23rd, next week. john o'sullivan served as special adviser to prime minister thatcher on downing street from 1976-1988 and assisted her in the best selling memoirs, the downing street years. john is editor of quadrant magazine and president of the danube market in budapest, hungary. john is also senior fellow at the national review and editor at large of national review where he served as editor-in-chief for almost a decade. in four decades as a writer, columnist, editor on both si

where are the winston churchill and reagans and the margaret thatchers? they are not out there right now. this maybe a harbinger of political changes to come in the united states and other countries, as well. the politicians, quite frankly, have not been paying attention to the voters. one thing we have to -- you know me, i'm a free market guy. i believe in globalization. but you are both right about this. globalization is going to only hold if the benefits are shared by the middle class and the middle class feels they are left behind. >> we talk so much about the economics because that's a huge part of this. >> it is the economy stupid from james carville. >> i keep bringing it up because it is a huge part and that is national security. when i talk to people in favor of staying with the eu, a big part of that is because the u.k. was standing arm in arm with the u.s. and going up against russia and the iran deal. how do you think this plays out in terms of national security globally? there's no doubt that putin is watching it closely, as well and thinking

nile gardiner, director of our margaret thatcher center for freedom, and served as a former aide to lady thatcher. he has worked at the heart of washington policy for over one decade as a leading expert on the u.s.-u.k. special relationships. he is the contributor to the "london daily telegraph," and appears on an american and british television. he received a doctorate -- you in history from harvard university. please welcome me in introducing dr. now gardiner. thank you very much. it is my great pleasure to introduce are very good friend mr. sullivan. i have known john for over 15 years and met him when i worked for lady thatcher's office in london. he is one of the most gifted conservative writers of his generation. responsible for crafting some of margaret thatcher's most powerful speeches. he joins us today to talk about margaret thatcher and brexit days before the historic british referendum on the membership to be held on june 23, next week. as special advisor to prime minister thatcher from 1986 to 1988. he assisted her in the composition of her best-selling memoir "[indiscernibl

i would like to conclude with a quote by margaret thatcher. think encapsulates the failure of the european project and why the british people need to reassert their sovereignty. to quote "such an unnecessary and irrational project as building a european superstate was ever embarked upon will see in future years to be the greatest folly." thank you. [applause] luke coffey: thank you for those remarks. we have some time for questions. we have a microphone, raise your hand and if i call on you, identify yourself and any organizational affiliation. and please wait for the microphone. i will go over here first. >> the center of principles and politics, i am an intern. a question for nile gardiner. why, if, as you said, margaret thatcher would be opposed -- or would be in favor of brexit, why is the current conservative effort for them saying in the union? how did they get so off-track? [laughter] luke coffey: putting it lightly. nile gardiner: an excellent question. i should point out that david cameron was interviewed soon after she passed away an

margaret thatcher to ronald reagan. is it a fair comparison? you have boris johnson leaving the lead campaign. is that a top figure in the united states? >> in someways yes and someways no. they tap into authoritarian -- it is a term that geeks like me can understand. it is a group of people who are dissatisfied and distrusting and disapproving of the elites in society and institutions and of europe and westminster politics as well. >> we will interrupt you real quick. the governor of the bank of england is speaking out. >> as the prime minister said this morning there will be no initial change in the way our people can travel and in the way our goods can move or the way our goods and services can be sold. it will take some time to steap relationships with the rest of the world. we are well prepared for this. >> there have been extensive contingency planning and the chancellor and i have remained in close contact including through the night and this morning of the to be clear the bank of england will not hesitate to take additional measures as

it was not only in the post-communist world that margaret thatcher was seen as an inspiration. thatcherism had a good role in asia and africa, the reduction of trade and capital movements, they became the new conventional wisdom's and ministries of finance around the globe. their broad results of globalization has -- became the watchword of world bank's. -- and imf reports. there are other points of view much more critical of the thatcher legacy than you have heard for me. they argued that her economic policies simply failed. it is undoubtedly true that errors were made in the thatcher years. it is hard to imagine any government that does not make some such errors, but they were far outweighed by the economic successes of thatcherism, noticeably a sustained rise in productivity. some successes were evident at the time for richard left britain as the world's fourth-largest economy. the general success continued through the major administration's right up to the 2008 financial crisis. chancellor in 1997, after the labor victory, graham -- gordon was given a treasury briefing and i

and i would like to conclude, actually, with a quote by margaret thatcher. which i think perfectly encapsulates the failure of the european project and why the british people need to reassert their sovereignty. to quote lady thatcher, that such an unnecessary and irrational project if ever embarked upon will be seen in future years to be perhaps the greatest folly of the modern era. thank you. [ applause ] >> great. thank you. thank you, nile, for those remarks. we have time for questions. we have some microphones out. if you could raise your hand, if i call on you, please identify yourself and any organizational affiliation, that would be great, and please wait for the microphone. i'll go up here to the gentleman in the front first. as you like. >> i'm charles from the center of principles in politics, i'm an intern. i have a question for dr dr. gardiner. why, if as you said, margaret thatcher would have opposed -- or would have favored brexit, why is the current conservative government for the uk staying in the european union, and how did they get so off tr

he served as special advisor to margaret thatcher. and another final poll that predict third down exact result. we begin tonight with benjamin hall reporting from london on how all this came to pass. >> reporter: good evening. last night britain voted to take control of their borders, their immigration policy, and some say their country. it was the biggest voter turnout. 70% of people turned out. the result, although close, has changed the face of europe forever. at its core with the decision to leave the eu, a body of 28 european countries with one shared government to which billions of dollars is paid every year. that's unelected government set many of the laws. the prime minister who had pushed to stay in and originally call third down vote was forced to resign after he lost. >> the british people have made a very clear decision to take a different path. and as such, i think the country requires fresh leadership to take it in this direction. >> reporter: for years a politician named nigel led a group of conservatives fighting again

i would like to conclude with a quote by margaret thatcher, which i think perfectly encapsulates the failure of the european project and why the british people need to reassert their sovereignty and to quote lady thatcher, that's such an unnecessary and irrational project as building a super state, most ever embarked upon will see to be perhaps the greatest folly. thank you. >> thank you now for the remarks. we have some time for questions. we have some microphones out, if you can raise your hand. if i call on you please identify yourself and any organization affiliation that will be great and wait for the microphone. i'll go here to the gentleman in front, first. as you like. >> i'm charles, the center of principles and politics in intern. i have a question for dr. gardner. why is the current government for the uk staying in the european unit and how did they get so off track in the original, you know, that's the --? >> to put it politely. >> excellent question. i should point out that david cameron was interviewed soon after lady thatcher passed away. he was asked, noo, he's not one

she comes across a little bit like margaret thatcher. has been the home secretary for a long time, and is an experienced politician. she will have her hands full, negotiating the relationship with brussels, if she does become the next prime minister, which would be really the most important task for the years to come. anchor: definitely. i wonder if she will tell brussels she wants her money back, the way margaret thatcher did. thank you very much. police in istanbul have carried out a series of raids against terrorist cells with ties to so-called islamic state. 13 people have been arrested. the rays are links to tuesday's triple suicide bombing at istanbul's ataturk airport. on wednesday, turkey's president blamed i.s. for the attack which killed 42 people. no group has claimed responsibly for the attacks, which have triggered widespread outrage. reporter: a show of strength by turkey's security forces as they run sweeping raids in istanbul. special units looked for accomplices and backers ofof the airport suicide bombers, searching hom

and margaret thatcher. but writes when i was 8 margaret thatcher came to power in 1979.she left in tears having finally been ousted by her rested men folk. for the first i finally became a world beyond my mother's skirt and a world ruled by women. the article is very commendable about the significance of secretary clinton's achievements but it is important to note as well margaret thatcher of course a very powerful successful prime minister for over a decade. >> she's obviously been given the respect of saving britain from economic collapse. but some say she was too aggressive in her approach. nice article. >> my pick is from the wall street journal titled beware the economic allure of the strongman. retreat of democracy is entering a new phase. parties led by autocratic personalities have won a string of election victories from poland to philippines. he says this is not a good thing. that autocracy can a bad bet and china being a good champ of this. and one could argue one of the reasons we haven't seen china's economy turn around as fast one would have expected. >> rig

might we be looking at a margaret thatcher/ronald reagan economy part two? art laugher joins us, he joins us on the telephone. art always a pleasure to have you. >> great to be with you, maria. >> what do you think? ronald reagan/margaret thatcher economics, is this where we're going? >> i think so. things are similar to where they were in 1979, 1978, 1980. and the pressure is in all areas, no the just immigration. it's bad economies, it's all sorts of pressures, regulations, restrictions. with that being the background, think you're seeing the first shot fired with brexit. you'll see a lot more coming. i think this will lead to a donald trump presidency, ultimately and a lot of prosperity for the world. i'm very excited about what's happening. >> it seems like a perfect opportunity for donald trump to basically reach out to the uk. like he did this morning, when he said look, the uk has always been an ally of the u.s. and they're going to be at the front of the queue when it comes to renegotiating a new trade deal. do you expect him to do that? do you expec

it's a fundamentally free market wer the voice for free market in that project and margaret thatcher was the balancing voice for the french who created the single market. and margaret thatcher is weirdly a-historical in walking away from everything britain stood for at that time. >> by the time margaret thatcher -- she was out of power in the mid 1990s -- by the time she saw what the treatise had done to the european union, she was all in favor of brexit. so as far as she is concerned, and i do admire her hugely, how she would have voted yesterday is very obvious. >> rose: go ahead. mrs. thatcher quoted the normer prime minister saying referendums are the last refuge of demagogues and dictators, and whatever side you're on, there is a certain amount of truth in that. >> it's been used a lot in britain, actually, not since 1975. we've elected mayors on the back of it. i think david miliband's party was in favor of using it. >> we're all guilty. canada uses it, australia uses it. is australia a fascist dictatorship? of course not, referendums work fine. >> rose: did david cameron have

instead think very much welcome to the margaret thatcher senator freedom is my honor to introduce a very good friend i have known him 15 years and first met him when i worked for lady thatcher in my view is one of the most gifted conservative writers of his generation end is responsible for crafting some of margaret thatcher's most powerful speakers -- beaches and is joining us today to talk about her just days before the british referendum on the eve membership held next week on june 23rd as a special advisor on downing street 86 through 88 and assisted her in the composition of her best-selling memoirs and currently an editor of quadrants magazine and president of the danube institute and also a senior fellow at the national institute and editor-at-large or he served as editor in chief for over a of a decade. teefour the correct . . >> ladies and gentlemen, many thanks for inviting my today and giving me such a generous introduction. my mother used to say, when she heard things like that, tom just doesn't seem to be able to hold down a job. you've given me a very strong topic and a hig

he he declared adamantly, i know that margaret thatcher would have fought fort with all her strength.rles judgment was seconded by one former cabinet minister and this is thatcher's cabinet. and also by you. wayne and from the sidelines was charles moore, her more distinguished than recent biographer who, in the spectator cautiously said that he doesn't usually speculate on what mrs. thatcher may have done about controversies and issues that took place after her death. but he concludes that in the end, yes she had firmly but privately embraced it by the end of her private life. this is a very distinguished list. i customarily take the same position as charles when asked what mrs. that you would've done the iraq wall or anything else. in the strictest sense, it is is impossible to know what someone would've done about an event after his or her death for the simple reason that the deceased did not know the circumstances in which the event takes place. and as remark, circumstances with which some would pass for nothing would in reality every political principle is discriminated and disti

and going back to a bygone era, margaret thatcher.wing terms for what she did in the u.k. what can be done to get productivity going against? ? krishna: i think tying it to entitlements is a stretch of the moment. the real issue is that capital investment has been on a lowering trend for a very long time. it is that probably that drives lack of productivity growth far more than anything else. we need to invest more, especially in developed markets, where rates are relatively low. you can go out and borrow money and invest in the economy. fiscal spending rather than entitlement reform would be my recognition. alix: i like that you brought that up because that is what we hear from janet yellen the last few weeks, buying it to larry summers stagflation thesis. stagflation and businesses that won't invest, how do you help your portfolio against that? krishna: the way we help our portfolio is to buy companies where we think they will be able to deliver significantly higher growth rates and productivity growth rates than the rest of the mar

ask heath and margaret thatcher, she was devoured by conservative party. long time, saying he was for "brexit." they didn't want nigel farage and u quit people to take over vote. he had press come out and he said i'm taking down "brexit." if i do this and i succeed i'm taking down my old classmate, cameron frenemy thing. there are names floated like fox, the former minister of defense. he has the reigns. he led the campaign successfully. he is most strongly positioned. charles: say that again, rick? >> he is the reason he won. if it was up to nigel, they would not have a broad coalition. charles: immigration. >> conservative party really pushed forward this bigger idea of, you know, it is not working in brussels. let's stand up and have some patriotism here and do something bigger than what was happening. he should get all the credit. and yes, it is controversial but he should take the lead. charles: jessica? >> no i just wanted to add i totally agree with the points you made but boris johnson and 80 other tory mps who were for leaving eu actually came out

and former advisor to prime minister margaret thatcher. john, british are independent or soon to be on this vote. markets recoiling and filled with turmoil today. overreaction or much more to expect? >> no, i think today's reaction was very much to expect that after such a great change everyone was banking on the another decision we remain, particularly city of new york and financiers around the world, huge bets and huge bets of their company money on it. not private bets but business bets. when this turned around, bound to be reassessment and unwinding of some of the most unprofitable trades. when they have margin calls they have to sell even more. you can't blame even today's situation on "brexit" alone. underlying the whole thing is the feeling that shares bonds are grossly overvalued thanks to qe and zir, zero interest rates. we're on cusp of international recession and credit crisis and -- lou: john, if i may, all of that was exigent before the markets broke overnight and this morning as we began trading on wall street. steve, do you

>> they are already saddled with greek debt and the european debt. >> margaret thatcher saw this, knew there was going to be a problem. she was against it, she saved the pound, kept them from being involved with the euro and allows them to make the break. judge napolitano: i want you to make prime minister david cameron's argument, what conceivable argument is there other than the establishment and the elites which trump hates, for staying in? >> well, i suppose one argument is when you are united there is less tendency to fight with each other, europe will think back to world war i and ii that there is a fear, understandable, generations alive, the dynamic of what happened. that is the only decent argument we know that, of course in the modern age that isn't necessarily needed that the point. when president obama argued for them to stay with it, the polls went up to exit. his impact was negative. they said, well -- >> no surprise. >> they realize something is wrong with socialist leadership and they wanted to be independent to survive. judge napolitano: shah, the prediction? >> the br

margaret thatcher was the voice against the french that created the single market.is ahistorical and walking away from everything britain stood for. >> by the time margaret thatcher, she was out of power at the time in the mid-1990's. by the time she saw with the other treaties had done for the european union, she was all in favor of brexit. i do admire her hugely, how she would voted yesterday is obvious. >> she quoted this man saying referendums are the last refuge of demagogues and dictators. [laughter] whatever yosaid you are on, there is some truth whether there is a labor prime minister or conservative prime minister. >> it has been used a lot in britain since 1975. we have elected mayors on the back of it. i think david thought he was in favor of using it. >> we are all guilty. >> canada and australia use it. is australia a fascist dictatorship? of course not. fine.ndums work charlie: did david cameron have to do this? >> that is the ultimate tragedy. himself as who saw having the ideal preparation for the job. he ended up in a situation where i fear, he boug

he is the director of the margaret thatcher center for freedom at the heritage foundation.e has worked in the heart of the washington policy world for more than a decade and is the leading expert on that u.s.-u.k. policy towards europe. he has testified before congress on several occasions and has advised the executive branch of the united states government on a range of issues related to u.s. foreign-policy in the transatlantic alliance. before joining heritage, he served as an aid to margaret thatcher and advised her on a number of international policy issues. working in her private office, he assisted her with the final book. "strategies for a changing world." he received his doctorate and from yaleors degrees university, and his masters degree in modern history from oxford university. after he gives his remarks, we will have time for some questions. you might want to start thinking about those now. nile gardiner: thank you very much. thank you to ted and victoria for two excellent presentations. my views on brexit are very clear. i believe firmly that great britain is b

i remember margaret thatcher would seem to pave the way for reagan's victory in a worldwide conservative trend around the globe. how much should we read into brexit and trump? >> it's some of the same sources. the rise of populism, disappointment with an anger at the established order. i think that's true in britain and europe. it's true here. however margaret thatcher years ago after she was out of office said about the idea of the united states of europe there were great differences. america was the product of the idea of liberty. europe was the product of centuries of bloody history that they were disparate cultures and any attempt to knit them into something like a united states would never work. it appears she was correct. it looks like more of this may happen. >> there are similarities in the political atmosphere that the countries are different. no outside influence exercises control over life in the united states that brussels has over britain and other members of the e.u. there is no parallel. people say it about the federal government. that's a different matter all together. >>

>> why didn't your friends celebrate margaret thatcher, only left-wing women? john: would you celebrate sarah palin? >> no, i disagree so many of the policies. hillary clinton has been twice elected senator, secretary of state, and now running for president. not that she's gone through only republican criticism but the test of leadership in our country. john: thank you, juan. dan. coming up, my lunch with hillary. really, that happened. >>> and upcoming movie that answers the question how did the clintons get so rich so quickly? >> enormous amounts of money have flowed to the clintons i don't want to live with the uncertainties of hep c. or wonder whether i should seek treatment. i am ready. because today there's harvoni. a revolutionary treatment for the most common type of chronic hepatitis c. harvoni is proven to cure up to 99% of patients... ...who've had no prior treatment. it transformed treatment as the first cure that's... ...one pill, once a day for 12 weeks. certain patients... ...can be cured with just 8 weeks of harvoni. harvoni is a simple treatmen

margaret thatcher snuck up on the british people.he didn't, she appeared in 1979 to most of them as being a rather pragmatic, i'm going to tidy this up, i will be quite hard-nosed, but i'm not actually driving and intellectual agenda. she got elected in 1979 as a response to what was called the winter of discontent. labor was in chaos. she came in, and what british got -- britain got was a dose of free-market milton friedman, hayek, john stuart mill, and she probably would have failed if the argentines had not invaded the falklands, which provided a boost for it. you have a lot of economic debate about whether she went too far. ,he net result of what she did coincidently, the parts of england that voted heavily for brexit, those areas got knocked out. the industrial heartland. britain was an industrial power when thatcher got hold of it, and she wiped that out by getting rid of subsidies, the different versions of support. and what grew up instead was this very open services economy. david: it is a historical essay and a personal ess

that reminds me why are none of the 14 women i tried to figure out a way to work margaret thatcher and and it was very much my hope that it would be updated by somebody else and ip leave that it will -- and i believe there will be. i don't belief that the 14th leader is the final year and i certainly hope that there will be some women leaders that will be highlighted and i hope that they will be as good as margaret thatcher. ok. the 14 leaders. we begin with jefferson and madison. first is on these two men. it focuses very narrowly on the 12 years before jeffersons elected president and madison 1808.ed him in and obviously there's been lots and lots written on jefferson and plenty on madison as well, so there's nothing -- i would argue that there is nothing new in what i have written. this chapter does two things. it ties the piece is that american conservatism as old as republican anchors us back to the beginning of the republic, and by focusing on a narrow 12 year period i think that is the best way to see the development of jefferson and madison's views on the limited government, wh

>> why didn't your friends celebrate margaret thatcher, only left-wing women? john: would you celebrate sarah palin? >> no, i disagree so many of the policies. hillary clinton has been twice elected senator, secretary of state, and now running for president. not that she's gone through only republican criticism but the test of leadership in our country. john: thank you, juan. dan. coming up, my lunch with hillary. really, that happened. >>> and upcoming movie that answers the question how did the clintons get so rich so quickly? >> enormous amounts of money have flowed to the clintons every day you read headlines about businesses being hacked and intellectual property being stolen. that is cyber-crime. and it affects each and every one of us. microsoft created the digital crimes unit to fight cyber-crime. we use the microsoft cloud to visualize information so we can track down the criminals. when it comes to the cloud, trust and security are paramount. we're building what we learn back into the cloud to make people and organizations safer. you guy's be good[ ba

>> why didn't your friends celebrate margaret thatcher, only left-wing women? john: would you celebrate sarah palin? >> no, i disagree so many of the policies. hillary clinton has been twice elected senator, secretary of state, and now running for president. not that she's gone through only republican criticism but the test of leadership in our country. john: thank you, juan. dan. coming up, my lunch with hillary. really, that happened. >>> and upcoming movie that answers the question how did the clintons get so rich so quickly? >> enormous amounts of money >> enormous amounts of money have flowed to the clintons it takes less than one minute to find out if you may have prediabetes. you can do it here. but you probably won't. you're busy. kids. work. show coming back in 48 seconds. so, let's do this now. hold up one finger if you're a man; women, zero. 3 more fingers if you're over 60, two over 50, one over 40. if you're not sure, keep in mind you're sitting on a couch right now, so... one more finger if you're not very active. one finger if yes, zero if no. on

next, a discussion with margaret thatcher's former speech writer.afterook place one day british parliament member jo cox was killed in leeds. [applause] >> thank you very much and welcome. it is my great pleasure to introduce my very good friend mr. sullivan. i have known john for over 15 years and met him when i worked for lady thatcher's office in london. he is one of the most gifted conservative writers of his generation. he is responsible for crafting some of margaret thatcher's most powerful speeches. he joins us today to talk about margaret thatcher and brexit days before the historic british referendum on the membership to be held on june 23, next week. he served as special advisor to prime minister thatcher from 1986 to 1988. he assisted her in the composition of her best-selling memoir "[indiscernible] currently, he is editor of the -- called -- quadrant magazine in australia and president of the downey institute free market transatlantic think tank in budapest, hungary. he is also a senior fellow at the institute and editor at large, or he

>> why didn't your friends celebrate margaret thatcher, only left-wing women? john: would you celebrate sarah palin? >> no, i disagree so many of the policies. hillary clinton has been twice elected senator, secretary of state, and now running for president. not that she's gone through only republican criticism but the test of leadership in our country. john: thank you, juan. dan. coming up, my lunch with hillary. really, that happened. >>> and upcoming movie that answers the question how did the clintons get so rich so quickly? >> enormous amounts of money have flowed to the clintons there are two billion people who don't have access to basic banking, but that is changing. at temenos, with the microsoft cloud, we can enable a banker to travel to the most remote locations with nothing but a phone and a tablet. everywhere where there's a phone, you have a bank. now a person is able to start a business, and employ somebody for the first time. the microsoft cloud helped us to bring banking to ten million people in just two years. it's transforming our world. this

you had margaret thatcher come in followed by president reagan's election. give us a sense are we seeing this populst revolution there with this leave the eu vote? how that factors into a donald trump candidacy who is so much staked his platform on the immigration issue that was a big part of the leave campaign? >> well, i think the two are very similar. you're right. i've spent a lot of life in number 10. i worked with thatcher throughout her term. it's a very similar type of political movement here and in the united states. and you know it's the same the other way, too. and just like in the u.s. with ronald reagan and bill clinton, pro growth. and you know, you had the experiment done with w and with obama. it hasn't worked here, with gordon brown it hasn't worked there, either. you're having a growth economics which is exactly what we need in this world. we need tax cuts, and pro growth and spending cuts and that is, i think where the world is going now. and i'm very elated by what's happening and i think it for tends to a better economy. >> number 10, yo

do you agree that margaret thatcher shifted the britain you knew as a child and that we need a new margaretw? >> when i was there was during world war ii and churchill. jonathan: breaking news in the city of london. the u.k. has lost its last aaa credit rating that was held by standard & poor's. aa.as been cut from aaa to the outlook negative. this is critical. it has been noted before last week. head of sovereign rating. in europe giving a strong signal that this would happen but it has happened. the united kingdom has lost its final aaa credit rating from standard & poor's. cut from aaa to aa. and with negative outlook. i think what's really interesting is that the rating agencies have come out and said credit negative. if you look at the bond market and the performance of u.k. , while the credit rating coanies say it is credit negative, the bond market and investors are saying something else if you look at the price action. scarlet: it's a little bit counterintuitive that they are saying the u.k. is less credit worthy than before the vote yet investors continue to pile into the safest go

former advisor of margaret thatcher and an old friend. >> we first met 30 years ago in london.t as 15, but i'm sure you are right. the idea that we are looking at the prospect of the uk leaving the european union. it has the establishment trembling at the prospect. at least they say they are. and they are putting out release after release over the course of the past four or five weeks increasingly dire expectations as what will happen to the u.k., to europe and indeed global markets. your thoughts? >> you are absolutely right, it's prong fear. cameron felt on economics people were largely ignorant and there are set the ground for fear to fester. and he piled it on with the support of the globalist elite. central bankers, european union central bank. the imf and the bbc which has huge loans from the european community. and of course the figures are just grasped out of the air. they haven't even tried to extol the virtues of the european union to the public just to terrify them. i think you will see a staggering close result at the moment. people like nigel farage, and the united

he wounded margaret thatcher but it wasn't him who ultimately got the job -- it was john major. interesting to see whether he is the man who can unite the conservative party or people such as theresa may. phillip hamid as well. i do want to mention sterling if i may as well. what we've seen in the last -- well actually since david cameron spoke actually. the market drifted a little lower in both sterling and on the equity market when mr. cameron was speaking about his resignation. and thereafter it rallied. and it rallied quite hard. and i want to tell you that the ftsi is significantly above 6,000 at the moment. outperforming its european peers but even on the currency basis as well where we saw sterling get down to 130, 132 at its low today. so extreme 30 years highs on sterling volatility actually back up to circa 138 on the cable cross at the moment. 138 is where it's coming to trade. again it is a very big movement but nowhere near as big as previously. two guests joining us now. peter oppenheimerer at goldman sachs joins us on the phone and eric lundgren joins us. multi as

we need more of this, not less of it. >> also you're on a first name basis with margaret thatcher.ot on a first name basis, still, donald trump is claiming he is tapping into the same sentiment here as britain. do you think that's true? >> i think it is. brexit was motivated by a couple of issues, economy, trade, immigration. who has been talking about that. i think democrats will be a little concerned a guy with a big flowing blonde head of hair, helped convince brits to be united in the globalist economy is not the right thing to do. the most interesting take away for the democrats i believe is to look at the labor party. the labor party led by jeremy corbin was unable to work white middle class voters. got the activists to vote but lost white middle class voters that went with the notion this system isn't working. now hillary clinton is out there saying we were wrong, but trust the establishment, trust the establishment. it is the wrong message. >> what happens in the uk stay in the uk? or rever better agencies here? >> i think people will say that's like what happened here like

in the '70s, the victory of margaret thatcher which seemed to pave the way for ronald reagan's victory80 in a worldwide conservative trend around the globe. how much should we read into brexit and trump? >> it springs from some of the same sources, a rise of p populism, an anger at the established order. that's true in britain and much of europe and it's true here. margaret thatcher years ago after she was out of office said about the idea of a united states of europe that there were great differences. american was the product of an idea of liberty. europe was the product rather of centuries of history -- bloody history. any attempt to knit them together into something like a united states would never work. it appears now that she was correct. it looks as if more of this may happen. i mention that simply to emphasize that throw there are s similarities, the countries are very different. no outside influence exercises the kind of control over life in the united states that the -- that brussels exerts over britain and the rest of the member countries of the eu. there's no parallel to it.

reporter: the office is located in margaret thatcher house. the former british premise or would never have approved of today's eu, something everyone here seems to agree of. >> we don't like being told what to do and it is getting worse. there are more and more stupid rules and europe is finished, i think. reporter: there used to be industry here but unemployment is growing, and with it, the fear of downward social mobility. many here blame immigrants from the eu for the problem. >> we would effectively be lumped in. >> the economy is also the argument here, but they stand in support of the eu. two thirds of businesses are involved in forming -- in farming and farmers are heavily dependent on access to the european market. >> the grexit will be much more complicated. we need it. as well, we -- i don't think they will. reporter: good arguments for the euro files. reporter: or will it be the euro skeptics who get their way? reporter: it is difficult to say. the united kingdom is deeply divided. brent: yes it is. let's talk business news. microso

think that one of the things that we have gotten too used to in america and britain is what margaret thatcheratchet, and the conservative parties kept moving the country left to slower degrees and the fact that donald trump is there to celebrate the golf course is a capitalist institution and it is good and we need more of it and not bad >> and notable that you are on a first name basis with margaret thatcher. >> and jeffrey -- >> not on the first-name basis. >> and still an official, and donald trump is claiming that he is tapping into the same sentiment here that exists in britain, do you think that is true? >> yes, i do. largely the brexit was motivated by a couple of issues, economy and trade and immigration, and who has been talk about that? the democrats are going to be a little concerned with a guy with a big flowing blond head of hair convinced the brits that perhaps being united in the globalistic economy is not the right thing the to do, and the most interesting take away for the democrats i believe is to look at the labor party led by jeremy corbyn was unable to work their white mi