UK assets and the pound can be expected to fall further, according to deVere Group CEO Nigel Green, who highlighted that the debate between the five men vying to become the next Prime Minister “underscores that the pound can be expected to fall further".

Yesterday, former Brexit Secretary Dominic Raab was eliminated from the race to become Prime Minister, ahead of a live televised debate between the remaining five candidates; Boris Johnson, Jeremy Hunt, Michael Gove, Sajid Javid and Rory Stewart.

With Brexit dominating much of the debate, Green noted: “The chaos and uncertainty triggered by Brexit – which has recently intensified by the race to become the new Prime Minister – has put the pound on a considerable downward trajectory.

“The debate on Tuesday night – the first one in which Boris Johnson, the frontrunner, has taken part – underscores in the most dramatic way that there is still no single realistic way forward out of the Brexit quagmire.”

He emphasised that the “already battered” pound has lost almost 5 per cent of its value against the US dollar since the start of May, while also continued six consecutive weeks of falls against the euro.

Green argued that, during the debate, none of the candidates “could answer how they would get their version of Brexit over the line”.

“As such, there is still no path through this – and it has already been going on for three years. Against this backdrop of growing uncertainty and a looming deadline, the pound and UK assets will likely have further to fall,” he said.

The deVere CEO argued it’s “hardly surprising” that UK and international investors are responding to the Brexit-fuelled uncertainties by removing their wealth from the UK, emphasising that “the lack of real answers” from the candidates on the “most pressing issue for a generation” will “inevitably impact” the pound and UK assets.

Green concluded: “Nothing has already been priced-in as there is, currently, nothing to price-in.”

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