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Investors look to shift assets out of UK amid gloomy outlook

Six out of 10 investors are now actively seeking to move assets out of Britain as a perfect storm looks set to hit the UK economy, a deVere Group poll warns.

The survey of more than 740 clients carried out by deVere Group comes as the pound plunged to its lowest level for a decade late on Sunday amid growing fears the UK is heading for a no-deal Brexit.

It also follows Monday’s report by the Office for National Statistics that finds the outlook for the general economic situation for the year ahead is worse than at any point since the final quarter of 2011.

deVere Group chief executive Nigel Green says: “There is a legitimate and growing sense amongst those who were polled that in order to build and safeguard wealth, assets should be moved outside of the UK.

“It comes amid a slew of negative official data and public sentiment regarding Britain’s economic outlook over the next few years.

“Clients have expressed that they feel there’s a closing ‘window of opportunity’ to transfer their UK-based financial assets within the next few months.”

FCA extends transition power for no deal Brexit

He points out clients’ fears are being driven by the UK’s slowing economy, weak global economic growth, the pound at a 10 year-low, the increasing possibility of an interest rate cut and the risk of a no-deal Brexit pushing the UK into a recession.

Green adds: “The poll underscores that the UK is no longer an attractive place for investors.

“The UK is now at a critical point – perhaps the most critical since the global crash. Many are simply not prepared to risk their wealth and are considering international options.”

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