The Brexit deal agreed late last year has been cautiously welcomed by the wealth and investment management sector, with a caveat that the UK economy looks set for a torrid year regardless.

Rathbones’ head of asset allocation research, Ed Smith, said news of a free trade deal regarding goods should be welcomed – though he pointed out the cost of “non-tariff barriers” (i.e. extra administration) would still have to be borne.

Mr Smith said there remained “a long list” o...