Muted reaction as Article 50 extension becomes more likely, says wealth managers

News Team, 01/04/2019

Last week the UK government’s EU withdrawal agreement was defeated yet again, which “crystallises the UK’s departure date” of 12 April 2019, Dean Turner, UK economist at UBS Global Wealth Management stated.

This third vote on the deal was lost by a majority of 58 (344 votes to 286).

Perhaps due to the increased “risk of a no-deal scenario” in two weeks’ time, immediately after the vote the pound fell below $1.30. It did recover slightly to trade at just above $1.30. However, earlier in the day (29/03/19) it was trading at over $1.31.

Despite the drop, all these figures remain substantially higher...

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