This is the Cato Daily Podcast for Tuesday, July 12th, 2016. I'm Caleb Brown.

Theresa May will become the new British Prime Minister, but her record as head of the home office does

little to reassure those who favor free markets.

Tom Clarity, managing editor at Cato Journal, discusses what may brings to the table and

what her ascension means for trade and immigration?

Theresa May is leaving her position as Home Secretary to become the next Prime Minister.

What does the Home Secretary do? to become the next Prime Minister.

What does the Home Secretary do?

Well, there's no direct equivalent in the United States,

but it's considered one of the great offices in the United Kingdom.

It probably ranks just after the Prime Minister, the Chancellor Vickschequer, who's our

equivalent of the Treasury Secretary and possibly the Foreign Secretary as well.

So it's right up there in government.

Basically it's a combination of policing, security

and counter-terrorism, immigration, issues like that. It's really the order

department if you want to think of it in that way. There are aspects of

Homeland Security there, probably aspects that would come from the Department of

Justice in the US and maybe a few other things that would normally be left to

the states, but it's a position which has long

been seen actually as a political graveyard. The kind of place that if you're Prime Minister

and you have to promote someone, but you don't really want their career to go well, It's where you might put them because it's a position where things often have gone wrong traditionally.

Certainly Home Secretary was a revolving door under the previous labor government.

...