June 25th, 2019
Brexit – A Further Update for Our Clients
We recently posted an update regarding the impact of Brexit on your investments, mortgages and protection products and the financial services that we provide.
As you may be aware, the UK Government has renegotiated the date on which the UK is due to leave the European Union. The latest date the UK could leave the EU is now the 31 October 2019 after the UK Government renegotiated this date with the EU, although we could leave before this date. Originally, the UK was due to leave the EU on 29th March 2019.
Please note that the information and assurances we gave you on the impact of a no deal Brexit in the original post essentially remains unchanged as a result of this deadline extension for leaving the EU.
We do however note that the Bank of England in its May 2019 forecast revised its forecast for interest rate increases over the next 3 years to 1% from 1.5% in its February 2019 report, which presents a more positive outlook than previous, if you have concerns about interest rate rises where you are on a variable rate with your current lender. This forecast is by no means certain, however, and will be heavily dependent on the economic climate in the run up to and post-Brexit. Again, we would be happy to advise you on your options if this is an area of concern for you.
If you have any queries relating to this letter or wish to discuss any matter relating to your finances then please do not hesitate to contact us.
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