Fortunately, Mrs May has stated that the Government will look to release concrete plants of its Brexit strategy before it begins to engage in formal talks with the EU.
So, It has been a nervous and uncertain Christmas and New Year for many expats coming as it did in the wake of talks at the EU Summit when European leaders, with the exception of May, all convened to discuss Brexit.
Throughout, May has sought to be a calming presence by adopting a very calculated approach to the issue. “It remains my objective to give reassurance early on in the negotiations to EU citizens living in the UK and UK citizens living in EU countries that their right to stay where they have made their homes will be protected by our withdrawal,” she recently said
Part of May’s approach appears to be to leave all options open. For example, she has said that EU nationals will only be guaranteed the right to remain in the UK following Brexit if this forms part of a reciprocal arrangement. She has also conceded that is conceivable that the UK might continue to pay the EU contributions in order to retain access to the single market.
She has also tried to face down any further uncertainty created by court challenges to the Brexit process, saying that the UK would invoke Article 50 of the Lisbon Treaty regardless of whether the Supreme Court rules that Parliament must be consulted.
However, May’s approach has attracted criticism from Labour leader Jeremy Corbyn who has branded the Government’s Brexit strategy as being “shambolic” and characterised by a “babble of voices speaking for themselves and their vested interests”.
Whatever the case, those with expat regular savings will be hoping that resolution comes soon as possible as uncertainty has the power to undermine confidence in even the best laid wealth management plans.
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
Lehman Brothers filed for bankruptcy on 15 September 2008. With $639 billion in assets and $619 billion in debt. Their bankruptcy filing was the largest in history and prompted an immediate fall in the FTSE 100 of 4%. It was the beginning of a slump that by Christmas of 2008 had resulted in 23% being wiped off the value of Britain’s top 100 companies. As a stock market crash, it ranks alongside the dotcom bubble and the shock of 1987. However, while living standards have flat-lined since that date, the stock market revival has been spectacular. Many investors were, however, spooked by the financial crisis of 2008 and liquidated their investment portfolios. Unfortunately as shown below – they lost out on the bull run of the next 10 years.
Much has happened since I last put pen to paper in the immediate aftermath of the referendum result and I thought it sensible to comment on some of the issues which are emerging from the ‘swirling fog’ that we experiencing. July 24th 2016, reminded me of September 12th 2001 in New York, with people walking around in shock, confused at the attack on the political and economic system. To be angry at the shock of the unexpected result and how that might affect everyone’s life is a natural and rational response, however much it might seem otherwise. Last week I wrote that the result was not a disaster and the financial system was capable of absorbing this shock, in short, my view has not changed.