UK PM's latest win to boost the pound, FTSE and UK financial assets
January 16, 2019 (Investorideas.com Newswire) Theresa May's win in the Vote of No Confidence signals "more opportunities than risk for sterling and UK assets" from here, affirms the CEO of one of the world's largest independent financial advisory organizations.
The bold assertion from Nigel Green, founder and chief executive of deVere Group, comes after the UK Prime Minister clung on to power in a confidence vote on Wednesday evening, a day after her Brexit deal was crushed in the worst ever defeat for a sitting government on Tuesday.
Mrs May won 325 to 306 votes.
Nigel Green notes: "This win for Mrs May - which follows her previous confidence vote win in December - will eliminate, for the time being, the risk of a general election being called. It therefore removes the risk of an incoming Labour government.
"The likely consequence of May's Brexit bill defeat is to reduce the risk of a no deal Brexit, since Parliament will now have greater involvement in the Brexit process. This is good news for sterling and UK financial assets.
"Now we have the news that an election is unlikely to be called in the near future, while new Brexit options are being explored. This too will please financial markets."
He continues: "The pound, the FTSE and UK financial assets can be expected to rally in the short-term at least.
"Indeed, based on these latest developments, most scenarios favour sterling and UK stocks as they are currently undervalued.
"I believe there to be more opportunities than risk for sterling and UK assets from here."
Mr Green goes on to say: "But there is a long way to go in recovery to reach pre-Brexit levels - and with so many question marks still surrounding the UK's divorce from the EU, it is likely to be a bumpy ride."
The deVere CEO concludes: "Those investors who maintain a properly diversified, multi-asset portfolio will be best-placed to take advantage of the key opportunities and mitigate the potential risks."
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deVere Group is one of the world's largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.
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