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Barclays ‘most exposed’ to Brexit fallout


Analysts have warned Barclays is the British bank most exposed in the event of the UK voting to leave the EU.

The Daily Telegraph reports Barclays’ share price is highly correlated with moves in sterling, accounting for 80 per cent of the stock’s movement over the past 18 months.

Jefferies analyst Joseph Dickerson says: “Barclays could have the highest direct functional impact as a result of a leave as a result of its exposure to investment banking and corporate banking.

“Lloyds would face a second-order impact. Two-thirds of its balance sheet is mortgages, there is more of an indirect consequence, after, say, unemployment has been impacted and the overall economy is impacted.”

But Dickerson is recommending Barclays as a “buy”, because he believes voters will choose to remain in the EU come the referendum on 23 June. The bank’s stocks are likely to rise on such a result.



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Drawing a veil over fraud

By David Piltz

Purdah, which comes from a Persian word meaning “curtain” or “veil”, is the period between an election being announced and the final election results. During purdah, the government is prevented from making announcements about new or controversial initiatives that could be seen as giving them an advantage in the general election.


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