{"id":157993,"date":"2019-10-19T13:45:42","date_gmt":"2019-10-19T17:45:42","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=157993"},"modified":"2019-10-19T12:32:57","modified_gmt":"2019-10-19T16:32:57","slug":"brexit-vote-uk-economy-delivered-a-fresh-blow-by-another-brexit-delay","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/10\/brexit-vote-uk-economy-delivered-a-fresh-blow-by-another-brexit-delay\/","title":{"rendered":"Brexit vote: UK economy delivered a fresh blow by ANOTHER Brexit delay"},"content":{"rendered":"
October 19, 2019<\/div>
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By George Prior<\/strong><\/p>\n

The UK economy has been delivered another fresh blow following the drama that has taken place in the British parliament on Saturday.<\/p>\n

This is the stark message from the CEO of one of the world\u2019s largest independent financial advisory organizations.<\/p>\n

The comments from Nigel Green, chief executive of deVere Group, come as Prime Minister Boris Johnson faced a new setback after MPs backed a move \u2013 in the form of the Letwin Amendment – to delay a Brexit deal until further legislation is passed.<\/p>\n

Dubbed Super Saturday, it was Parliament’s first weekend session in 37 years.<\/p>\n

Mr Green notes: \u201cOne of the most important days in British political history became something of a damp squib as the Letwin Amendment rendered the Meaningful Vote meaningless.<\/p>

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\u201cThe prospect of a no-deal Brexit is now becoming increasingly likely.\u00a0 As such, the government is said to be upping its no-deal preparations and is set to introduce legislation needed for the UK to leave the EU on October 31.<\/p>\n

\u201cThe Prime Minister is clear that he will not negotiate a delay and says that the law doesn\u2019t compel him to do so. He will tell EU leaders there should be no delays and that they should reject Parliament\u2019s letter asking for a delay.”<\/p>\n

He continues: \u201cThese extraordinary goings-on extend and intensify the ongoing Brexit-fuelled uncertainty and chaos.<\/p>\n

\u201cThe event of not-so-Super Saturday will negatively hit UK financial assets, major investment decisions will continue to be put on hold by companies and organisations, as will big-ticket spending items by households, and confidence and opportunity will continue to be undermined.<\/p>\n

\u201cThis will, of course, all compromise the British economy.\u201d<\/p>\n

He goes on to add: \u201cMuch of the chaos has already been priced-in to the pound, so it will be to some degree shielded from the events in parliament today.\u201d<\/p>\n

Mr Green concludes: \u201cThe tense and volatile geopolitical climate in the UK is one of the main headwinds for domestic UK and international investors around the world as what happens in Westminster can affect returns.<\/p>\n

\u201cUK and international investors in UK assets can be expected to respond to the continuing uncertainties by considering removing their wealth and assets away from the UK.<\/p>\n

\u201cAmid the uncertainty, one thing is certain: Whatever happens next, the ongoing Brexit nightmare is not going to end on Halloween.\u201d<\/p>\n

About:<\/strong><\/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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By George Prior The UK economy has been delivered another fresh blow following the drama that has taken place in the British parliament on Saturday. This is the stark message from the CEO of one of the world\u2019s largest independent financial advisory organizations. The comments from Nigel Green, chief executive of deVere Group, come as […]<\/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-157993","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/157993","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=157993"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/157993\/revisions"}],"predecessor-version":[{"id":157994,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/157993\/revisions\/157994"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=157993"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=157993"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=157993"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}