The Blair Market

Later this week, Tony Blair will pack his bags and leave 10 Downing Street after 10 years in office.
It’s worth reflecting on how much Blair has changed Britain. He had the Labor Party drop its controversial Clause IV, which called for the “common ownership of the means of production.” I don’t think you could get elected dogcatcher in America if you believed that.
So how has the British Dow, the FTSE 100 (^FTSE), done under Blair?
May 2, 1997: 4,455.60
May 4, 2007: 6,603.70 (the British market was closed yesterday)
That’s 48% in 10 years, although the FTSE gained 37% in his first ten months in office. Since April 6, 1998, the British market is up just 8.2%.
In that same time, the British pound has increased from $1.62 to $1.99.

Posted by on May 8th, 2007 at 10:01 am


The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.