The UK’s ‘existential crisis’ over Brexit
Brexit has thrown Britain into an ‘existential crisis’, according to deVere chief executive Nigel Green, as Prime Minister Theresa May steps down and there are yet more delays to the UK’s departure date.
Economically, Brexit cost the UK economy £66 billion in less than three years, according to S&P Global Ratings, and confidence in the financial services sector was at an all-time low.
Other businesses had relocated their work to European cities like Frankfurt and Amsterdam and there was a significant drop in the value of sterling which meant imports were more expensive.
Green, who leads the global financial advisory group, said: “Brexit has thrown Britain into a profound existential crisis. It has cost Britain three lost years of opportunity.
“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.”
He described this period as ‘Britain’s lost years’ as the country’s future hung in the balance with minimal certainty over what Brexit will look like. The latest Brexit deadline for the UK to leave the European Union is 31 October, 2019.
“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? Will Britain leave with no deal?
“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.”
AUTHOR
Laura Dew
Recommended for you
The corporate regulator has cancelled the AFSL of a Perth advice firm with the firm having previously seen its licence temporarily suspended in 2020.
Having proposed changes earlier this year, ASIC has clarified how it will support licensees with additional relief under the reportable situations regime.
AMP has partnered with BlackRock and research house Lonsec to provide a model portfolio capability on its North platform that offers “portfolio customisation at scale” to advice practices of all sizes.
Money Management rounds up actions ASIC took against advice individuals in the first half for FY25 from exam falsifications to dishonest conduct.
