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Could Brexit be Guy Fawkes in disguise?

Immediately on hearing the news, market impacts were felt.   The shares in FTSE dropped and the pound’s value started to improve against the dollar and the euro.  Uncertainty in the political climate is always going to be bad for the markets and this decision now provides us with more questions than answers.

Theresa May is a supporter of remaining in the EU but since she has become Prime Minister she has fought hard to make sure the will of the British people is carried through following the result of the referendum – indicating the public wanted a Brexit.  

This latest High Court ruling could have major ramifications. Consider that parliament objects to Article 50 being triggered.  We know that the whole of the Labour Party and SNP will fight for a new referendum and a good many of the other MP’s may have their own agendas.  The public could be furious.  Brexiteers have been passionate in their support  – and look at what happened in the lead up to the EU Referendum.

This could be just the start of an uprising and could in fact be just the completion of the Guy Fawkes master plan in blowing up the Houses of Parliament.

What does this mean financially for expats?  Good advice is even more important than ever.  Considering what your needs are now and will be in the future.  We might see a spike in the pound’s value and that may be a time to exchange a portion of Currency.  Expats in Spain may be excited about the fact that Brexit might not actually happen but in reality, I cannot see that happening.  In this world though, you can never say never; could you imagine Donald Trump being presidential candidate just two years ago?

 

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.

Other News

Petition to abolish “unfair” expat retirement transfer tax takes shape

The Houses of ParliamentAs it stands, its been nearly a year that expat retirement transfers of pensions have incurred a charge when moving to or between Qualifying Recognised Offshore Pension Schemes (QROPS), with only expats living within the European Union or a select group of 13 other countries immune to this charge.

However, British expats across the world have recently joined forces to question the fairness of the charge and to lobby parliament for its removal.

It’s easy to see why they have taken this course of action – the charge for overseas expat retirement transfers comes in at 25% of the value of the pension fund; plainly a crippling and punitive amount for people who have already worked hard and paid their taxes in order to prudently fund their retirement.

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New Governor Brings Confidence to Financial Management Industry

Cayman Island FlagThe Cayman Islands has a new governor following the announcement that Martyn Roper OBE, a career diplomat and corporate leadership veteran, has been appointed to the role. He takes over from Anwar Choudhury, who had recently faced a number of complaints regarding his conduct.

The move is largely thought to be positive step for financial management services in the Cayman Islands, as Roper has said he will make it a priority of his role to “listen and learn” from those around him.

Mr. Roper brings a wealth of experience to the job. He was most recently minister and deputy head of mission for the U.K. in Beijing, China, but has worked in other notable capacities, including as the UK Ambassador to Algeria, Deputy Head of Mission in Brasilia and, of particular interest to the financial management industry in the Cayman Islands, as First Secretary for Economics and Development with the Organisation for Economic Cooperation and Development (OECD) in Paris.

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