The British parliament has rejected Theresa May’s Brexit deal by 230 votes yesterday evening. The Brexit vote has left withdrawal from E.U. and prime minister’s political future in doubt. The pound has risen after MP’s reject with 0.05% to $1.287 after declines of more than 1% earlier in the day.
There are no more words to describe the frustration, impatience, and growing anger amongst business after two and a half years on a high-stakes political rollercoaster ride that shows no sign of stopping,” commented for the BBC Adam Marshall, director general of the British Chambers of Commerce.
PIMFA, the trade association for the personal investment management and financial advice sector, has welcomed the Prime Minister’s intention to form an all-party committee to decide on the next steps and looks forward to seeing the outcome of this approach.
John Barrass, PIMFA’s Deputy CEO, commented:
We want the chances for rethinking Brexit to be used with the need to protect and improve the financial situation of individuals and their families, and the ability of our firms to help in this area, uppermost in the minds of decision-makers. It is our strong view that a ‘no deal’ situation and a cliff edge should be avoided at all costs, and we look forward to reading and commenting on the alternative proposals to be presented to Parliament over the coming period.
The private clients of PIMFA member firms, who come from all parts of society and not just the wealthy sector, have around £1.5 trillion of personal investment and savings, including pensions, under advice or management by these firms and preservation of the value of their personal assets, so they benefit rather than suffer from decisions about the UK’s relationship with its EU partners, is a paramount concern.
In order to achieve this, it is vital to maintain continuity of business practice and certainty in the framework within which firms and their clients make investment decisions. Whatever political path is chosen over the next few days, PIMFA stresses the need to preserve established approaches to business and avoid a cliff edge so as to help ensure that the personal financial interests of private investors, who are also the voters, are fully protected.
The opportunity to step back and rethink the Brexit process affords the chance to put individuals and their families, and their financial interests, at the heart of policy development. This will strengthen the possibility for whatever decisions are made about Brexit to be based on the principle of benefiting the lives of people.