British expats living overseas face a period of uncertainty around their retirement plans after the UK’s shocking decision to leave the European Union on Friday, according to IFA firms around the world.
As the second wave of reaction breaks over markets, following a volatile first day in the post-Brexit world, a number of themes have come to the surface.
Chin-up, dear investor. Brexit has not necessarily been the disaster for the FTSE as was predicted, and could actually be a great opportunity for UK-facing active managers.
Gibraltar-headquartered Blacktower Financial Management Group is planning a possible move of its business to a different European country in a bid to preserve its EU ‘passporting’ status, the IFA firm’s managing director, John Westwood, has said.
The UK narrowly voted on Thursday (52:48) to leave the European Union, an unprecedented move with an unclear outcome. What follows will undoubtedly be at least two years of uncertainty, but how will the offshore financial centres fare?
Bookmakers’ odds strongly favouring a British vote to stay in the EU were found to be not as reliable as many fund managers thought, as suggested last week by our sister publication Expert Investor.
In a joint statement on Friday, the EU leadership urged the UK to start departure processes immediately as “any delay would unnecessarily prolong uncertainty”.
The British pound and FTSE 100 both bounced significantly after record falls during frantic trading in the wake of the United Kingdom’s decision to exit the European Union.
As banking stocks plummeted on Friday morning, Bank of England governor Mark Carney sought to remind the market that they are in good health and reassure investors the BoE stands ready to do whatever is needed.
Members of International Adviser’s Tax & Technical Panel give their views on the outcome of Britain’s decision to leave the European Union.
Old Mutual Global Investors chief executive Richard Buxton has spoken of the “bleakest” prospects for domestically focused UK companies, having recently backed recovery plays in the likes of Tesco, Ladbrokes and Debenhams.
Neil Woodford has wasted no time in offering investors some reassurance over the prospects for UK equities in the wake of the Brexit vote.
