UK economy delivered a fresh blow by ANOTHER Brexit delay
By MYBRANDBOOK
The UK economy has been delivered another fresh blow following the drama that has taken place in the British parliament on Saturday.
This is the stark message from the CEO of one of the world’s largest independent financial advisory organizations.
The comments from Nigel Green, chief executive of deVere Group, come as Prime Minister Boris Johnson faced a new setback after MPs backed a move – in the form of the Letwin Amendment - to delay a Brexit deal until further legislation is passed.
Dubbed Super Saturday, it was Parliament's first weekend session in 37 years.
Mr Green notes: “One of the most important days in British political history became something of a damp squib as the Letwin Amendment rendered the Meaningful Vote meaningless.
“The prospect of a no-deal Brexit is now becoming increasingly likely. As such, the government is said to be upping its no-deal preparations and is set to introduce legislation needed for the UK to leave the EU on October 31.
“The Prime Minister is clear that he will not negotiate a delay and says that the law doesn’t compel him to do so. He will tell EU leaders there should be no delays and that they should reject Parliament’s letter asking for a delay."
He continues: “These extraordinary goings-on extend and intensify the ongoing Brexit-fuelled uncertainty and chaos.
“The event of not-so-Super Saturday will negatively hit UK financial assets, major investment decisions will continue to be put on hold by companies and organisations, as will big-ticket spending items by households, and confidence and opportunity will continue to be undermined.
“This will, of course, all compromise the British economy.”
He goes on to add: “Much of the chaos has already been priced-in to the pound, so it will be to some degree shielded from the events in parliament today.”
Mr Green concludes: “The tense and volatile geopolitical climate in the UK is one of the main headwinds for domestic UK and international investors around the world as what happens in Westminster can affect returns.
“UK and international investors in UK assets can be expected to respond to the continuing uncertainties by considering removing their wealth and assets away from the UK.
“Amid the uncertainty, one thing is certain: Whatever happens next, the ongoing Brexit nightmare is not going to end on Halloween.”
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Delivering Critical Business Communication Solutions to Enterp
Arya Omnitalk and Syntel’s comprehensive suite of solutions and more than
Cisco building a trusted and resilient future for the nation
Security is foundational to everything Cisco does and customers insist on e
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
HIMACHAL FUTURISTIC COMMUNICATIONS LTD.
TALLY SOLUTIONS PVT. LTD.
ALPHAMAX TECHNOLOGIES PVT. LTD.
MATRIX COMSEC PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : Dr. Sanjay Bahl
Dr. Sanjay Bahl has around four decades of experience in the ICT indus...
ICONS OF INDIA : RITESH AGARWAL
Ritesh Agarwal is an Indian billionaire entrepreneur and the founder a...
Icons Of India : GAUTAM ADANI CHAIRMAN ADANI GROUP
Gautam Adani is the Founder and Chairman of the Adani Group, which ran...
PARTNER SPEAKERS
PSU
PFC - Power Finance Corporation Ltd
PFC is a leading financial institution in India specializing in power ...
RailTel Corporation of India Limited
RailTel is a leading telecommunications infrastructure provider in Ind...
LIC - Life Insurance Corporation of India
LIC is the largest state-owned life insurance company in India...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - RAVI KUMAR S, CEO- Cognizant
Ravi Kumar S, appointed as CEO of Cognizant in January 2023, sets the ...
Indian Tech Talent Excelling The Tech World - REVATHI ADVAITHI, CEO- Flex
Revathi Advaithi, the CEO of Flex, is a dynamic leader driving growth ...
Indian Tech Talent Excelling The Tech World - NEAL MOHAN, CEO - Youtube
Neal Mohan, the CEO of YouTube, has a bold vision for the platform’s...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
