Investors have been urged to safeguard their wealth by deVere group founder and CEO Nigel Green, after Prime Minister Boris Johnson lost the first round of a 48-hour Brexit battle in the House of Commons.

Green said: “People might be bored by Brexit – but this is one of the biggest weeks in UK politics in decades and it will affect domestic and global investors.

“The Prime Minister lost his tiny working majority on Monday afternoon in an explosive session in the House of Commons, and now he's lost his first Parliamentary Brexit battle. In fact, Boris Johnson is the first prime minister in history to lose his first Commons vote.”

He noted that MPs have effectively “seized control of Parliament” and will try to force through legislation to prevent a no-deal Brexit. This means that Johnson will likely call a general election to be held next month, in order to take control of Parliament and go back to the EU with a convincing mandate.

“Many major question marks loom over the chain of events playing out in Westminster – not least because a general election needs the support of Labour,” Green affirmed.

“Jeremy Corbyn, the Labour leader, after months of calling for an election is now demanding no-deal is off the table before he agrees to go to the polls.

“In truth, all major parties are being tested like perhaps never before, there are major divisions in all camps, plus there is likely to be serious tactical voting in a general election.”

The deVere CEO claimed the pound should “get a boost” if MPs are successful in preventing a no-deal Brexit. However, at the same time, he acknowledged that “political upheaval” and a general election will likely push sterling down.

Green warned: “With the UK parliament plunged into a historic crisis, it is essential for domestic UK investors and international investors with exposure to UK assets to take steps to safeguard their assets.”

He urged both domestic and international investors to ensure their portfolios are diversified across various asset classes, sector and region, and to remain invested to “take advantage of the upsides”.

“A good fund manager will help you seek out the opportunities that turbulence creates and mitigate potential risks as and when they are presented,” Green concluded.

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