The number of investors seeking to reduce their exposure to UK assets has risen sharply since Boris Johnson became the country’s prime minister in July.
According to financial advisory firm deVere Group, there’s been a 35% increase in investors looking to move away from UK assets – except UK property.
“Investor returns are impacted by serious geopolitical upheaval, especially when in a major economy such as the UK’s, and as such a growing number of those who are serious about building and safeguarding their wealth are exploring legitimate overseas options,” said chief executive Nigel Green.
“There is no end in sight to the unprecedented political chaos in the UK; indeed, it looks set to continue to spiral downward and the uncertainty to intensify.”
According to Green, unless the “toxicity” surrounding Brexit stops, investor confidence will continue to decline and even more British domestic and international investors with exposure to UK assets will continue to move assets away from the country.
The unelected PM recently suspended parliament – a move that was yesterday judged illegal by Scotland’s highest court of appeal.
“Boris Johnson must stop wasting more time and get on with seeking a deal that gets through parliament. A failure to do so will hamper the UK’s long-term sustainable economic growth,” Green said.
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