As the UK faces a looming recession, those with UK financial assets, including UK pensions, bonds and sizeable holdings of sterling, should consider options to protect their wealth, according to chief executive and founder of deVere Group, Nigel Green.
The group said that on top of that investors should be aware of the ‘already Brexit-battered pound’ had taken another hammering due to UK Prime Minister Boris Johnson’s decision to suspend parliament.
“Sterling is down more than 0.5 per cent against both the euro and U.S. dollar as a result of the political manoeuvring,” Green said.
“The pressure will remain on for the pound for the foreseeable future as the possibility of a no-deal Brexit increases. Should the UK leave with no-deal, the pound is likely to remain weak for several years until the country and the bloc readjusts.
Green also said, that on top of this, there was a likelihood of a general election would be weighing on currency and that there was a serious possibility of a general strike, mass protests and civil disobedience as political uncertainty intensifies.
“Looking at the nose-diving pound and a looming UK recession, the outlook is somewhat bleak in Britain.
“Boris Johnson’s decision to suspend parliament will have far-reaching economic effects, many of which will not be known for years to come.”
“Those who are serious about building and safeguarding their assets should explore legitimate overseas options as the UK moves into an unprecedented crisis,” Green concluded.