Archive for Brexit

Brexit Britain’s three Lost Years won’t end on Halloween

By George Prior

Brexit Britain has already lost three years – and the nightmare could last well beyond the new Halloween deadline, warns the boss of one of the world’s largest independent financial advisory organizations.

The warning from Nigel Green, the chief executive and founder of deVere Group, comes as news breaks on Thursday that factory shutdowns designed to cope with disruption from a March 29 Brexit that never came, slashed UK car production in April by almost 45 per cent.

It also follows Jeremy Corbyn confirming that Labour will back a referendum on any Brexit deal.

Mr Green says: “Brexit has thrown Britain into a profound existential crisis.

“It has cost Britain three lost years of opportunity. Brexit has almost entirely overtaken the public sphere in Britain.  All of Parliament’s time and energy is vested in Brexit. It appears nothing else is getting done. And so much needs to be done.

“Imagine what amazing social and economic progress could have been achieved if the media, political life and the civil service had been dominated by ‘best in class’ individuals and organisations building an inclusive, long-term, sustainable economic growth strategy for the last three years?

“Imagine if these three years had been about retaining existing and welcoming new investment into the UK?

“Imagine if the industries of the future, such as fintech, blockchain and clean energy, had been developed to secure jobs and wealth creators of the next generation?

“Imagine if Britain hadn’t spent three years inflicting reputational damage upon itself on the world stage?

“But instead, the UK has lost three years going around in circles trying to construct a deal that gives us some of what it’s got now.”

He continues: “Brexit Britain has cost billions upon billions of pounds.

“Indeed, it has cost the UK economy a staggering £66bn in just under three years, according to S&P Global Ratings.

“Speaking from experience, the lack of confidence in the UK’s vital financial services sector – which contributes 6.5 per cent to Britain’s GDP – is at an all-time low.

“Following years of uncertainty and a lack of leadership from all parties, many companies across the sector have relocated parts of their business or key staff to places like Paris, Luxembourg, Dublin, Frankfurt and Amsterdam, or setting up legal entities in the EU.  Once they’ve gone, they are unlikely to return.  And this is just one sector.

“There’s also been the significant drop in the value of the pound. This has contributed to reducing people’s purchasing power. Weaker sterling means imports are more expensive, with rising prices typically being passed on to consumers.

“For the government’s part, the Treasury has allocated £4.2 billion towards government departments for Brexit preparations since 2016; the 2017 general election which was held due to Brexit ramifications cost £269m; and let’s not forget, the £39bn “divorce bill” agreed with the EU.”

Mr Green goes on to add: “The ongoing Brexit nightmare is unlikely to end on Halloween.

“After three years, the uncertainty grows rather than recedes. Who will be the Prime Minister that will take the UK out of the EU? Will there be a second referendum and what would be on the ballot paper? How does the rise and rise of the Brexit Party fragment politics further? Will Britain leave with no deal? What impact would operating on WTO rules mean for the world’s fifth largest economy and its trading partners?”

The deVere CEO concludes: “With so many serious and far-reaching questions hanging ominously unanswered – and more growing each week – Brexit Britain’s Lost Years are not even close to being over.

“The haemorrhaging of opportunity and money will continue far beyond the deadline.

“It is perhaps therefore unsurprising that UK and international investors in UK assets are responding to the uncertainties posed by Brexit by considering removing their wealth from the UK.”

About:

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.

Risk sentiment clipped by trade concerns; Pound lost in Brexit drama

By Lukman Otunuga, Research Analyst, ForexTime

It is shaping up to be yet another rough, rocky and unpredictable trading week for financial markets as investors tussle with a number of different themes. Ongoing US-China trade developments, Brexit uncertainty and the return of drama over the Italian state budget are just some of the themes concerning investors.

Asian shares are painted in red today, tracking losses from Wall Street overnight as concerns heat up over sizzling US-China trade tensions threatening global economic growth. With President Donald Trump clearly stating that the United States was “not ready” for a trade deal with China, investors are coming to the reality that trade uncertainty looks like it is here to stay in the short to medium term at least.

Until markets see encouraging signs of both sides securing a trade deal, this negative sentiment and general risk aversion will most likely continue punishing global equity markets. The negative sentiment isn’t restricted to pessimism in equity markets, with a number of other risk assets also tracking losses. This includes emerging market stocks, emerging market currencies and Oil.

The next season of the Brexit saga has just begun for Pound

In the United Kingdom, the Brexit saga premiered its season’s finale last Friday as Theresa May announced the date of her resignation as Prime Minister after years of deadlock in Brexit discussions. Her departure does add another element of uncertainty over Brexit at a time when the clock is slowly ticking and investors should strap up as the drama for the season finale of Theresa May’s tenure as PM has just begun.

Speculation over who will replace May remains rife with Boris Johnson listed as a favourite among Conservative members. Should Boris succeed as Prime Minister, this raises the prospects of a no-deal Brexit given how he has insisted that the UK will leave the EU on 31 October, “deal or no deal”. As fears over a no-deal Brexit increase by the day amid domestic political drama and no signs of a deal being in place, the British Pound remains exposed to downside risks. Taking a look at the technical picture, the GBPUSD remains bearish on the daily charts with prices edging towards 1.2620. A solid daily close below this point should signal a decline towards 1.2500 in the short to medium term.

Dollar gains once again on renewed trade concerns

Elsewhere, fears over escalating trade tensions and global growth are keeping the Dollar steady against a basket of major currencies this week. Market uncertainty and an overall risk off atmosphere does highlight that projections for the Greenback point north.

The Dollar should remain in buying demand for as long as market sentiment remains exposed to external risks, especially when it comes to trade tensions and geopolitical risk factors.

Oil lower once again on lack of risk appetite

Concerns over persistent trade tensions are unsurprisingly impacting global growth sentiment in a negative light, and this is in turn hurting Oil prices. The price of Oil has fallen once again in the early hours of Wednesday trade.

Fears revolving around weaker oil demand will intensify in light of prolonged trade fears and this adds further momentum to downside tilts for the Oil price.

In regards to the technical picture, WTI Crude and Brent look set to resume its trend lower ahead of the OPEC meeting in June. WTI Crude has the potential to test $55.00 if bears are able to conquer the $57.50 support level.

Rand slumps 3% on tornado of different market risks

The Rand has accelerated into weakness since yesterday morning and has now weakened by 3% this week.

The USDZAR has touched its highest level since October 2018 at time of writing. There is a tornado of different external risks that the South African Rand overall needs to contend with, but the Rand does not like the headlines that David Mabuza is in the running to become Deputy President. Mabuza has previously been allegedly linked to a number of scandals that have taken place and these reports that he will become deputy president conflicts heavily with Cyril Ramaphosa’s inauguration speech as South African President on Saturday that he will end corruption, poverty and inequality in South Africa.

Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.

 


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ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Corbyn’s second Brexit referendum shift could spook markets

By George Prior

A positive impact of a second Brexit referendum on financial markets would be offset by a win by the UK’s opposition Labour party, warns the CEO of one of the world’s largest independent financial advisory organisations.

The warning by Nigel Green, chief executive of deVere Group, which has $12bn under advisement, comes as Labour’s Jeremy Corbyn has vowed to back a second referendum on any Brexit deal following his party’s disastrous EU election result.

Mr Green affirms: “The uncertainty surrounding Brexit is having a real impact on business in the UK, the EU, and those around the world that trade internationally.

“This uncertainty has created a tangible lack of confidence, resulting in falling investment, spending and recruiting across Britain.

“Following MPs’ abject failure to so far find a way forward through the impasse, the next move has to be to have a second Brexit referendum in order to protect jobs and secure long-term, sustainable economic growth.”

He continues: “A second referendum would likely be welcomed by financial markets for two reasons.

“First, it gives MPs a clear, unequivocal message either way, breaks the grinding deadlock, and reduces ongoing uncertainty.

“And second, it would increase the chances of a softer Brexit, which would have the effect of producing a relief rally in Sterling, UK financial assets, and also a mini spurt in economic activity in Britain, as delayed household and business spending is unleashed.”

Mr Green goes on to add: “A confirmatory vote of this kind will likely prove to be an appealing option for much of the electorate in the UK.

“Therefore, Mr Corbyn’s new approach will in the eyes of many voters make his Labour party more electable in a general election than it has been in a long while.  And this prospect will spook financial markets.

“As such, any positive impact of a second Brexit referendum on financial markets would be offset by a win by Jeremy Corbyn’s Labour party.”

Earlier this month, the deVere boss noted: “Since the beginning of the year a large and growing number of clients are telling our advisers that for their wealth they fear the damaging impact of a Jeremy Corbyn-led government more than Brexit.

“High-net-worth individuals in Britain and wealthy international investors with UK assets and business know that they will be hit by Mr Corbyn’s tax hikes on wealth, income and inheritance.

“As such, more and more of them are seeking advice on established, legitimate overseas opportunities to create, build, and importantly, protect their wealth.”

He concludes: “If it had been the government and not Mr Corbyn who shifted stance on a second referendum, the markets could have been expected to react far more favourably.”

About:

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.

 

GBP risks losing further 5% if Boris Johnson as UK PM chases no-deal Brexit

By Jameel Ahmad, Global Head of Currency Strategy and Market Research at ForexTime

Now that United Kingdom traders are returning back to office following a public holiday, we should expect for the fallout from the Brexit Party’s success in the European Parliamentary elections to put the spotlight even firmer on the pressure for the next Prime Minister of the United Kingdom to secure a Brexit deal sooner rather than later. UK Prime Minister Theresa May’s resignation and the leadership race that will begin is sure to dominate at the top and centre of each political headline, but the problem that the British Pound faces is that if whoever succeeds to become the next Prime Minister does chase a no-deal Brexit, the Pound should sink below 1.25.

Hardline Brexiteers will have no appetite for another delay to the eventual date of the United Kingdom leaving the European Union and this is an issue for traders because if Boris Johnson does succeed, like many feel he will as the front-runner candidate, he has already made it clear that the time is up to deliver Brexit. This means that he will, if needed, settle for a no-deal Brexit and the British Pound risks losing a further 5% in such a scenario.

At the moment the GBPUSD has found a near-term bottom marginally above 1.26, but more Brexit pessimism can be priced into this market and this can also drive the GBPUSD to the lower 1.20’s as the second half of 2019 begins.

What would help buy sentiment for the Pound is that a great deal of GBP pessimism around Brexit has been priced in throughout the past couple of weeks. Boris Johnson is known to have a strong pro-Brexit stance and not as concerned about a no-deal outcome as others, but any news decreasing the chances of him winning the leadership race to become the next UK Prime Minister will be viewed as GBP-positive. There is also the remote scenario that Johnson pledges to secure a Brexit deal which no matter how unlikely this would appear today, would provide a positive shock to the GBP.

Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.


Forex-Time-LogoArticle by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

UK Political Turmoil Deepens As PM Quits & Brexit Party Gains In MEP Elections

By Orbex

May Admits Defeat

Theresa May announced on Friday that she would be stepping down as Prime Minister on June 7th. During a tearful speech, delivered outside No 10 Downing Street, the battle-weary PM said “I have done my best… It is, and will always remain, a matter of deep regret to me that I have not been able to deliver Brexit”.

May said that she will stay on as PM while the Conservative party holds a leadership context beginning June 7th. They hope to have a new PM in place by the end of July.

In a show of clear emotion of her departure, May said:

“I will shortly leave the job that it has been the honor of my life to hold – the second female Prime Minister but certainly not the last… I do so with no ill-will, but with enormous and enduring gratitude to have had the opportunity to serve the country I love.”

Boris Johnson The Favourite To Takeover

As yet, the predictions for who will take over from May have centered around Boris Johnson. Speaking to reporters following May’s departure, Johnson confirmed that he will run for Conservative Party leader. He thanked May for her “very dignified statement” saying: “Thank you for your stoical service to our country and the Conservative Party… It is now time to follow her urgings: to come together and deliver Brexit.”

Corbyn Criticises May

The reaction from May’s political opponent Jeremy Corbyn was much less gracious. He told reporters May was “right” to quit. He further said “She has now accepted what the country has known for months: she cannot govern, and nor can her divided and disintegrating party,”

No Deal Brexit?

Johnson was a key player in the push for the Brexit referendum in 2016 and has been notoriously anti-EU since his days as a reporter in the mid-90s. Indeed, Johnson famously retired his position as a member of May’s cabinet last year in protest at, what he called, her “surrender” over Brexit. A Boris Johnson led-government could be far more likely to press ahead with a no deal Brexit, just to get Brexit done. This could have serious negative repercussions for GBP and the UK economy.

MEP Elections Display Growing Political Dissatisfaction

In the MEP elections held last week, Nigel Farage’s Brexit party stormed ahead to take more seats than the two main parties. The initial results show that out of 64 MEPs declared so far, Farage’s party has won 28, the Lib Dems 15, Labour 10, Greens 7, the Tories 3 and Plaid Cymru 1.

Speaking with reporters, Farage said “With a big, simple message – which is we’ve been badly let down by two parties who have broken their promises – we have topped the poll in a fairly dramatic style.

“The two-party system now serves nothing but itself. I think they are an obstruction to the modernizing of politics… and we are going to take them on.”

Uncertainty Elevated Again

The results once again highlight the growing dissatisfaction among UK voters, as evidenced recently by equally surprising results in the UK local elections. This dissatisfaction is creating uncertainty among investors as the UK political stalemate continues, though the tide seems to once again be shifting in favor of achieving Brexit.

Technical Perspective

self off gbpusd

The sell-off in GBPUSD found support at a test of the 1.2760 structural support and bearish channel low. For now, focus remains on a continuation lower and ant retest of the 1.2802–1.2866 level is likely to find resistance, keeping the bear channel intact as price moves back toward the 1.2484 level.

By Orbex

 

Pound Hangs On Brexit Politics

By Orbex

Brexit Cross-Party Talks To Accelerate

Theresa May is going to accelerate cross-party Brexit talks this week as MPs come back from a long Easter holiday break. The UK’s prime minister will step-up negotiations with Labour in a bid to strike a compromise as soon a possible.

Cabinet ministers presented a rosy picture when asked about the outcome of the discussions. However, in private, they confessed that Labour’s plan of a permanent customs union leaves the PM empty-handed.

Conservatives Running Out of Time Amid European Elections

The clock for May is ticking and she needs to act quickly before her party suffers a crushing defeat in the May European elections.

Labour is offering no incentive, and eurosceptics and the DUP are demanding changes that PM May isn’t willing to make. Because of this, a parliament-approved Brexit plan might have trouble coming to life before the October 31st deadline.

But May will need to receive all the help she can as her Conservative party faces a strong defeat in the EU elections, a poll shows.

Prime Minister Could Face New Leadership Challenge

In the likely scenario that May fails to persuade parliament to back her deal by May 22 – a day before the European elections commence – she could face a new leadership challenge.

Despite surviving a confidence vote that cannot be re-challenged until December, Conservative MPs and backbenchers are discussing the potential to remove her from Number 10 within a matter of few days.

In fact, it is not certain she will even have until May 22nd as Downing street requires a more pro-Brexit PM and fast.

Is There Hope For Pound?

The British pound fell below the $1.30 support last week. Although, in consolidation, prices have broken outside both the minor and major ascending channels. And this adds a bearish bias on sentiment. With GBPUSD remaining below $1.30, we expect short-term weakness to weigh the currency pair down. But the likelihood of retesting the former channel resistance also plays a part.

By Orbex

 

UK Earnings & Employment Data Remain Firm Despite Brexit Woes

By Orbex

Unemployment Rate Remains At Lows

Today, the Office for National Statistics released the latest UK earnings and employment data. It highlighted resilience in labor market conditions despite the ongoing uncertainty around Brexit. UK unemployment remained unchanged at 3.9% in the three months to February, the lowest reading since November 1974.

This was below the forecasted 4% and was driven by a 76.1% employment rate, which was higher than the 75.4% figure recorded a year earlier. This employment rate is now the joint-highest recorded figure. The economic activity rate came in at 20.7%, lower than the prior year’s 21.2% reading. This marked the joint-lowest recorded figure.

Wage Growth Remains Firm

Earnings data was also upbeat. Average weekly earnings (excluding bonuses) remained unchanged at 3.4%. This was in line with expectations. The figure including bonuses rose to 3.5%, again, in line with expectations.

This data makes for a frustrating reading for the Bank of England. It serves as even further evidence of economic strength in the UK. However, the current Brexit uncertainty means that the bank is unable to proceed with the tightening program which it has said is its preferred path.

Recent data has shown unemployment hitting its lowest levels since the 1970s. And wage growth is rising at its fastest pace in a decade. Meanwhile, inflation has recently risen again, unexpectedly.

At the BOE’s latest meeting, policymakers said that the “possibility of further cliff-edge uncertainties that could have a significant effect on [business] spending as any new deadline approached”.

The BOE stated that if Brexit can pass smoothly with a deal agreed in parliament, then further rate increases would likely be necessary. However, the bank also warned that if the UK does not reach an agreement and leaves without a deal, then an emergency rate cut could be warranted.

Ultimately, the BOE explained:

“The economic outlook will continue to depend significantly on the nature and timing of EU withdrawal.”

Brexit Deadline Extended to October

This is a strange time for UK politics. We should currently be approaching the first month of the UK being out of the EU considering the original March 29th exit date. However, following a temporary extension to April 12th and a subsequent request for a further extension, the UK is currently not due to leave the EU until October 31st.

While many have welcomed the extension with relief, we have not seen much movement in GBP. It remains very clear to traders that the political gridlock stopping a deal from happening has a long way to go before being resolved. As such, the market is closely monitoring headlines around Brexit. However, given the level of false hopes and false starts, it will now take something concrete to cause a significant shift in price action.

Technical Perspective

uk100

While news of a longer Brexit extension has not seen much upside action in GBP, UK equities have enjoyed a different reaction. The UK100 is now once again challenging 2019 highs around the 7479.3 level, having once again broken above the bearish trend line from last year’s highs. The UK is retaining access to the single market, for now, meaning there is no need for investors to move capital. And with the BOE on hold, for now, UK equities have the green light for higher prices. Above the 7479.3 level, the next resistance level to watch is the 7555.3 level. Any retracement lower from here should find support at the 7363.3 level.

By Orbex

 

Pound Is Happy About Brexit Delay

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

The Pound is growing against the USD early in another April week. Overall, the British currency looks pretty stable despite a great deal of news relating to the Brexit.

Last week, the United Kingdom agreed with the European Union on six more months for hammering out all details in the documents without the hustle and bustle and finally exiting the alliance. At first, London asked for a delay until June 30th, but the European Union, being sick and tired of all Brexit-related complications and hype, gave more time than the UK initially wanted.

At the same time, both parties agreed that any delay would have a solid reason to be reviewed and processed.

Despite more or less clear Brexit date, this topic remains rather controversial for global capital markets. Investors are afraid that all these delays (mostly due to British lords’ “holier-than-thou” attitude) may push the Brexit procedure in the direction that is completely different from where the British people wanted it in the first place.

Nevertheless, there is no guarantee that with six additional months the British Parliament will use them to find a perfect solution instead of rejecting new versions of the agreement with the European Union.

In the daily chart, the Pound is consolidating around 1.3125. Oscillator indicates that the downtrend may continue towards the downside border of the range at 1.2950. If later the price breaks this level, the pair may continue falling to reach 1.2750.

As we can see in the H4 chart, the price is moving sideways. There might be a divergence on MACD towards 1.2950.

Disclaimer

Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Central banks fail to support equities as Brexit delay fail to boost Sterling

Article by ForexTime

Equity markets across Asia are trading in red on Thursday as investors digest the latest updates on the global economic outlook and central banks decisions. ECB Chief Mario Draghi reiterated that risks to the Eurozone economy remain to the downside as the central bank pledged to keep interest rates at current levels at least through to the end of 2019. Minutes from the Federal Reserve’s March monetary policy meeting showed no indication of a rate cut, but several officials noted that next move may be in either direction.

The boost provided to equity markets from the shift in central banks seems to be exhausted with the S&P 500 standing 1.7% away from an all-time high. Investors hoping for an interest rate cut may not see one coming any time soon, suggesting that they shouldn’t continue betting on monetary policy to push equities further.

Investors need to shift their attention to the earnings season which unofficially kicks off tomorrow. With the impact of tax cuts and government spending boosts from 2018 fading, it’s time to see how companies will perform when left on their own. Earnings are estimated to decline by 4.2% in the first quarter of 2019 according to FactSet. However, if 65-70% of corporates, as usual, managed to beat Wall Street estimates, we may still see a slight growth in earnings.

One of the critical metrics investors need to watch is profit margins, especially given the spike in wage growth in Q1. If companies are not able to pass the additional cost to consumers, it may indicate further weaknesses to come in the upcoming quarters.

Guidance is also going to be critical for the S&P 500’s next move. The index has risen 15.2% so far year-to-date, and for the rally to be sustained, investors need assurance that we’re not going to hit an earnings recession. A dovish Fed won’t be enough to keep the party on.

Brexit delay failed to boost Sterling

A second Brexit delay has been granted until October 31 with a review to be conducted on June 30. The good news is a no-deal Brexit has been averted for now; the bad news is no one knows what will happen next. So far, it seems that the can is just being kicked further down the road. This has led to a steep decline in the Pound’s implied volatility but has done little to lift the currency. That’s because the risks have just been extended and not vanished. Predicting Sterling’s next move is going to be a tough task as all options remain open, including a no-deal Brexit and no Brexit at all.

Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.


Forex-Time-LogoArticle by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Brexit delay: The pound will rally but business needs decision not more fudging

By George Prior

The pound will benefit from a relief rally – but little else has changed – as Theresa May is forced to concede a medium delay to Brexit, affirms the CEO of the world’s largest independent financial advisory organization.

The message from deVere Group’s Nigel Green comes as officials in Brussels say EU leaders have agreed a delay to Brexit to 31 October along with a review in June.

Mr Green says: “We can expect a relief rally of the pound, as investors digest the news that Brexit negotiations have longer to run, and the UK will not crash out of the EU on Friday, and the likelihood of a softer Brexit is significantly increased.

“A softer Brexit would be welcomed by businesses in the UK and those around the world that trade with Britain.

“Investors are advised to now be on the watch for this relief rally in Sterling, UK stocks, and also a mini spurt in economic activity in the UK, as delayed household and business spending takes place.”

“This medium extension period also makes a second referendum – a ‘confirmatory vote’ on any deal the Parliament finally agrees to – more likely, and with that a good chance of Brexit being voted down.

He continues: “In the meantime, this medium-length extension doesn’t change the fundamentals significantly. What businesses in the UK, the EU, and around the world that trade internationally need and want is decision, not further fudging.

“The best way to do this would be to put it back to the people in a second referendum.”

In March, the deVere CEO stated: “Allowing the public to vote and giving them a final say is quite simply the only credible solution now available.

“From inaccurate and often misleading campaigns to ineffective negotiations, the Brexit omnishambles has gone on long enough.

“Brexit will impact economic, security, diplomatic and foreign policy decisions for the UK for many decades.  After MPs have tried but failed, this issue is too important not to now be put back to the people.”

He stands by this position following the outcome of the emergency Brexit summit in Brussels.

Mr Green concludes: “All the continuing uncertainty makes it essential for those who are serious about safeguarding, creating and growing their wealth to ensure that their portfolios are properly diversified.  Diversification is the investor’s best weapon to mitigate risk and capitalise on the opportunities as they arise.”

About:

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.