{"id":158180,"date":"2019-10-22T15:58:08","date_gmt":"2019-10-22T19:58:08","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=158180"},"modified":"2019-10-22T15:58:08","modified_gmt":"2019-10-22T19:58:08","slug":"brexit-in-limbo-pound-stabilizes-after-declines-more-bad-news-for-british-economy-and-uk-assets","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/10\/brexit-in-limbo-pound-stabilizes-after-declines-more-bad-news-for-british-economy-and-uk-assets\/","title":{"rendered":"Brexit in limbo: Pound stabilizes after declines, more bad news for British economy and UK assets"},"content":{"rendered":"
October 22, 2019<\/div>
\r\n<\/div><\/div>

By George Prior<\/strong><\/p>\n

The British economy faces another agonising delay and UK financial assets will be further squeezed following the UK government losing another crucial Brexit vote in parliament.<\/p>\n

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

The comments from Nigel Green of deVere Group come as Prime Minister Boris Johnson confirms the Brexit Withdrawal Agreement Bill \u201cwill now be paused\u201d after MPs voted against the accelerated timetable for the Brexit Bill. The withdrawal is now subject to weeks of scrutiny.<\/p>\n

It was the second vote of the night. The first was a win for Boris Johnson as MP\u2019s supported his withdrawal agreement in principle. It was the first time MPs have shown their backing for any Brexit deal, and was a significant political boost for the Prime Minister.<\/p>\n

Nigel Green states: \u201cBoris Johnson\u2019s government lost the vote that mattered. This now means that Brexit is now highly unlikely to be delivered by October 31 – as the PM had repeatedly promised.<\/p>

\r\n
\r\n

Free Reports:<\/p><\/div>\r\n

\r\n

<\/a>\r\n\t Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p>

\r\n
\r\n
\r\n

<\/a>\r\n\t Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p>

\r\n<\/div>\r\n

\r\n
<\/div>\n

\u201cThe duration of Brexit extension that the EU offers is now in focus. It has been reported that Mr Johnson would accept a 10-day Brexit delay beyond \u201cdo or die\u201d day on October 31 if it were a \u2018final extension\u2019.<\/p>\n

\u201cInterestingly, so far there\u2019s been no mention of a general election from the Prime Minister. He had warned he would pull his Brexit legislation and push for a general election if MPs blocked his plan to pass the bill through the House Commons within just three days.\u201d<\/p>\n

He continues: \u201cTuesday night was an opportunity to move forward with the Brexit saga.\u00a0 The outcome means more delay and more uncertainty.<\/p>\n

\u201cAgainst this backdrop, the Brexit-pummelled pound fell yet again \u2013 even though it stabilised after its earlier spike and then sudden decline as much of the news has already been priced-in.<\/p>\n

\u201cHowever, the British economy faces more agonising delay and UK financial assets, with the exception of property, are likely to be squeezed still further.<\/p>\n

\u201cWealth, jobs and opportunity-generating businesses \u2013 both in the UK and internationally- are crying out for certainty.<\/p>\n

\u201cThe fog of Brexit is hampering investment and confidence in Britain. The serious and far-reaching impact of this saga has cost the UK three and a half years of lost opportunity and many tens of billions of pounds.\u201d<\/p>\n

He adds: \u201cHow this now plays out will depend on the length of extension offered by the EU.<\/p>\n

\u201cA short extension to scrutinise more fully the deal, which now has the support of the House of Commons, will be favourable.<\/p>\n

\u201cHopefully, this will then be enough to get Boris Johnson\u2019s Brexit deal over the line which will ultimately be good for the pound \u2013 possibly hitting $1.35 \u2013 good for the British, EU and global economies, and good for UK financial assets.\u201d<\/p>\n

The deVere CEO concludes: \u201cWhatever happens next, this is just the beginning of the Brexit issue \u2013 and this was meant to be the \u2018easy\u2019 part.\u00a0 The uncertainty is here to stay, especially with the likelihood of a UK general election in the near future.<\/p>\n

\u201cAs such, investors need to protect themselves from market uncertainty and also best-position themselves for the inevitable opportunities through exposure to a broad range of assets, currencies and geographical regions.\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","protected":false},"excerpt":{"rendered":"

By George Prior The British economy faces another agonising delay and UK financial assets will be further squeezed following the UK government losing another crucial Brexit vote in parliament. This is the stark warning from the CEO and founder of one of the world\u2019s largest independent financial advisory organizations. The comments from Nigel Green of […]<\/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-158180","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/158180","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=158180"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/158180\/revisions"}],"predecessor-version":[{"id":158181,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/158180\/revisions\/158181"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=158180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=158180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=158180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}