Commentary from Ian Poysden, MD, IEP Financial on Brexit
The results are in on the Brexit vote and we’re all getting to grips with a new political and economic future. The markets have been turbulent overnight and you may well be concerned about any action you should take in the short term.
Our stance at present is clear. Let’s pause for breath before taking any hasty action. History suggests that trying to exploit the unavoidable turbulence carries considerable risks. As the Governor of the Bank of England said in his statement this morning:
“Inevitably, there will be a period of uncertainty and adjustment following the brexit result. There will be no initial change in the way our people can travel, in the way our goods can move or the way our services can be sold. And it will take some time for the United Kingdom to establish new relationships with Europe and the rest of the world.”
The next few days and weeks will see sharp market movements, probably in both directions, as the markets find a new equilibrium. Those are conditions traders will attempt to exploit, but for long term investors a wait-and-see approach will generally make more sense.
The outcomes for financial services remain to be seen. We’ll be covering any issues arising from the brexit vote in next week’s e-bulletin. If you are not already signed up please visit our website www.iepfinancial.co.uk
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The value of investments can fall as well as rise and past performance is not a guide to the future. The content of this publication is for information only. It does not represent personal advice or a personal recommendation, and should not be interpreted as such. Please do not act upon any part of it without first having consulted an Independent Financial Advisor’
