{"id":153410,"date":"2019-08-13T08:00:23","date_gmt":"2019-08-13T12:00:23","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=153410"},"modified":"2019-08-13T07:02:56","modified_gmt":"2019-08-13T11:02:56","slug":"6-out-of-10-seek-to-move-assets-from-uk-amid-brewing-of-perfect-storm","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/08\/6-out-of-10-seek-to-move-assets-from-uk-amid-brewing-of-perfect-storm\/","title":{"rendered":"6 out of 10 seek to move assets from UK amid brewing of perfect storm"},"content":{"rendered":"
August 13, 2019<\/div>
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By George Prior<\/strong><\/p>\n

Six out of 10 investors are now actively seeking to move assets out of Britain as a perfect storm looks set to hit the UK economy, reveals a new poll.<\/p>\n

The survey of more than 740 clients carried out by deVere Group, one of the world\u2019s largest independent financial advisory organizations, which has $12bn under advisement, comes as the pound plunged to its lowest level for a decade late on Sunday amid growing fears the UK is heading for a no-deal Brexit.<\/p>\n

It also follows Monday\u2019s report by the Office for National Statistics (ONS) that finds the outlook for the general economic situation for the year ahead is worse than at any point since the final quarter of 2011.<\/p>\n

Nigel Green, the CEO and founder of deVere Group, notes: \u201cThere is a legitimate and growing sense amongst those who were polled that in order to build and safeguard wealth, assets should be moved outside of the UK.<\/p>\n

\u201cIt comes amid a slew of negative official data and public sentiment regarding Britain\u2019s economic outlook over the next few years.<\/p>

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\u201cClients have expressed that they feel there\u2019s a closing \u2018window of opportunity\u2019 to transfer their UK-based financial assets within the next few months.\u201d<\/p>\n

He continues: \u201cInvestors are seeing a perfect storm brewing: the UK\u2019s slowing economy, weak global economic growth, the pound at a 10 year-low, the increasing possibility of an interest rate cut and the risk of a no-deal Brexit pushing the UK into a recession.<\/p>\n

\u201cIncreasingly they\u2019re now actively looking to take action to mitigate the risks to their wealth \u2013 as well as benefitting from the opportunities \u2013 through established, international financial planning solutions.\u201d<\/p>\n

It\u2019s not just individuals and families. It has been widely reported that firms in the City of London alone have already committed to moving many billions out of the UK to prepare for Brexit \u2013 and this figure is expected to increase with many leaving details of their plans unpublished until the Brexit deadline on October 31.<\/p>\n

Last month, Nigel Green noted: \u201cThere is no end in sight to the embattled British pound\u2019s plight with both the current Prime Minister Boris Johnson and the leader of the official opposition Labour Leader Jeremy Corbyn promoting policies that will deliver fresh \u2013 and serious – blows to the currency.\u201d<\/p>\n

The deVere CEO concludes: \u201cThe poll underscores that the UK is no longer an attractive place for investors.<\/p>\n

\u201cThe UK is now at a critical point \u2013 perhaps the most critical since the global crash. Many are simply not prepared to risk their wealth and are considering international options.\u201d<\/p>\n

About:<\/strong><\/em><\/p>\n

deVere Group is one of the world\u2019s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.\u00a0 It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.<\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

By George Prior Six out of 10 investors are now actively seeking to move assets out of Britain as a perfect storm looks set to hit the UK economy, reveals a new poll. The survey of more than 740 clients carried out by deVere Group, one of the world\u2019s largest independent financial advisory organizations, which […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-153410","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/153410","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=153410"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/153410\/revisions"}],"predecessor-version":[{"id":153411,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/153410\/revisions\/153411"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=153410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=153410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=153410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}