Brexit: Business will welcome cross-party leadership, but not an election

News


04 Apr, 2019

Brexit: Business will welcome cross-party leadership, but not an election
 
UK and global business will welcome Britain’s political leaders finally beginning to show leadership, affirms the CEO of one of the world’s largest independent financial advisory organisations.
 
Nigel Green, chief executive and founder of deVere Group, is speaking after Prime Minister Theresa May had “constructive” talks with opposition leader Jeremy Corbyn on Wednesday afternoon to end the deadlock over Brexit.   Further discussions between the two sides will take place over the coming days.
 
A spokesman for No 10 said both sides were “showing flexibility.”
 
The observation also comes as the House of Commons voted in favour of legislation which forces the UK government to request another extension to the Brexit process.
 
Mr Green comments: “Finally it appears that some cross-party leadership is being shown in an effort to end the impasse.  This must be and will be championed by businesses in the UK and those around the world that trade with Britain.
 
“It is a national disgrace that nine days to go until the fifth largest economy in the world is supposed to be leaving the world’s largest trading bloc and no-one still knows what’s going to happen.
 
“It must now be hoped that a consensus can be found, giving the roadmap more clarity for business.”
 
He continues: “Should this happen, the pound and UK assets can be expected to rally.
 
“The UK economy will benefit from a likely boost as household spending and investment that had been on the sidelines is unleashed.”
 
“Whilst this is not the Brexit some people want, it is now essential to foster unity and build back momentum in the economy to ensure long-term, sustainable economic growth.”
 
Mr Green goes on to add: “However, simultaneously, there are genuine concerns in business that Mrs May has also increased the possibility of a general election by proposing a cross-party Brexit deal, and this would have a negative impact on the pound and UK assets.”
 
The deVere CEO 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.”