David Cameron's impending exit as Britain's prime minister propels the country towards a potential investability vacuum. He and his chancellor, George Osborne, represented the stability and solid economic management that made the U.K. the top destination in Europe for foreign investors until recently. It's too bad for the economy and domestic assets that both men staked their career on staying in the European Union. There are no obvious successors who fit the bill.
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Cameron said he was the wrong person to steer the U.K. towards its chosen path of leaving the EU, though he gave his party until October to find a successor. Arguably, it is Osborne who lost the referendum, not least because of a long series of austerity budgets and misjudgements on tax and welfare reforms. It is unlikely that he can retain his role for long after Cameron stands down.