BREXIT uncertainty and an imminent general election raising the prospect of Labor leader Jeremy Corbyn being given the keys to Number 10 make it imperative for people to take steps to protect their money NOW, a leading financial advisor has said.
Nigel Green, founder of deVere Group, founder and CEO of deVere Group, which claims to be the world’s largest independent financial advisory organization, made his remarks the day afterMr Johnson‘s hopes of getting his Brexit deal through Parliament by October 31 were dealt a devastating blow by Parliament, prompting Number 10 to confirm it would now push for anationwide poll. Mr Green said: “The 27 EU member states are meeting to discuss another extension, which could be granted by Friday.
“They are likely to push back the deadline to January on the advice of Donald Tusk, the President of the European Council.
“Mr Johnson will then call for a general election. With this extension in place, theLabor Partywill support a snap election, making it happen.
“The electorate is extremely volatile and there’s never been a more uncertain general election. Small shifts will move the needle considerably. ”
Labor leader Jeremy Corbyn as PM would spook financial markets, said Mr Green(Image: GETTY)
Prime Minister Boris Johnson outside Number 10(Image: GETTY)
Mr Green added: “With an uncertain UK general election inevitably on the way, if you’re serious about protecting your money and assets you need to take action now.
“There are two key reasons why you should election-proof your finances.
“First, Labor leader and leftist firebrandJeremy Corbynmight become the UK’s next
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Nigel Farage’s Brexit Party could “eat into the Tory vote”, said Mr Green(Image: GETTY)
His anti-business, low-profit, high-tax policies – including a possible wealth tax – can be expected to spook the financial markets
Nigel Green
“His anti-business, low-profit, high-tax policies – including a possible wealth tax – can be expected to spook the financial markets, damage long-term sustainable growth of the British economy, put more pressure on UK financial assets, and lead to a significant sell-off of the pound. ”
The second reason was the possibility of a hung Parliament, meaning “more of the same indefinite uncertainty, deliberation and cha os, ”Mr Green said.
He added:“Boris Johnson
might be returned as PM but without a majority.
Donald Tusk has said he will recommend the EU 27 approves the request for a delay(Image: GETTY)
Mr Green urged p eople to “election-proof” their finances(Image: GETTY)
“TheBrexit Partycould eat into the Conservative vote as they will claim Mr Johnson did not deliver Brexit by October 31 – something on which he staked his whole premiership.
“Similarly, the Remain vote could be split between Labor, the Lib Dems, the Greens and the SNP.”
Either outcome would undermine confidence in both the UK economy and the pound, he said.
How the various leaders compare on Brexit(Image: Daily Express)
Urging the Government to resolveBrexitonce and for all, Mr Green said: “Wealth, jobs and opportunity-generating businesses – both in the UK and internationally- are crying out for certainty.
“Brexit uncertainty is seriously denting business investment and confidence in the UK – and the fallout of this has cost Britain three and a half years of lost opportunity and many tens of billions of pounds.
“It could take a decade or so to recover, even if that recovery of certainty starts now.
A general election may be imminent(Image: GETTY)
“Britain is losing its edge in a competitive global economy with the Brexit deadlock and politicking. It is likely to underperform against peers for many years to come.
“For more than a year, people and companies have been making plans for a hardBrexit.
“But the looming general election is perhaps an even more concerning development.”
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