Following the announcement that Prime Minister Theresa May will resign on 7 June, Willis Owen head of personal investing Adrian Lowcock noted that international investors are “likely to sit on the sidelines and await some clarity”.
According to Lowcock, the new Prime Minister will need to convince the European Union to re-open negotiations, if they intend on agreeing on a smooth Brexit. However, if they do not succeed, they will face the same challenge Theresa May did – “getting a bad deal or no deal through parliament”.
Emphasising that the current uncertainty is set to continue for a majority of this year, Lowcock said: “The possibility of a general election later in the year will rise and markets will need to consider the potential of a Corbyn-led government. So, the uncertainty is set to continue for much of this year and during that time international investors are likely to sit on the sidelines and await some clarity.”
The head of personal investing added that, for UK investors, “patience is critical”. He argued that UK markets are going to continue to remain under pressure, particularly while Brexit and “political games” occupy the news.
However, Lowcock believes that, once these issues are resolved, the focus will be able to shift onto the “reasonably healthy” economy, paving the way for international investors to return as the valuations of UK equities are “currently attractive”.
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