The Brexit saga continues after another difficult week for Prime Minister Theresa May. MPs shot down May’s withdrawal agreement for the second time on March 12th and it was another crushing defeat for the PM with 391 votes to 242. The future remains murky after this predicted defeat, but it seems that Brexit could be delayed by 3 months if MPs back her withdrawal deal in a vote which takes place next week (correct at the time of writing).
Another key development which happened earlier this week is that MPs voted against the prospect of the UK leaving without a deal in place, but this is not legally binding. This puts the whole situation up in the air once again which is causing a great deal of stress and anxiety not only in the UK but around the entire world as we are no clearer on whether there will be Brexit with a deal, a no-deal Brexit or the possibility of having a second referendum – the European Court of Justice has said that the UK can cancel Brexit without the agreement of other nations, but the PM is not keen on this despite this being the desire of many.
There have been many predictions made about what impact a hard or soft Brexit will have on the UK economy but this will not be clearer until a decision has been made. The uncertainty in the air is also having an impact on the market as many people are unwilling to make any big ticket purchases or major financial decisions until the future looks clearer. The concern over what a no-deal Brexit would mean for the country is a cause for concern with issues like a rise in food cost causing both businesses an individuals to panic.
This difficult situation is understandably causing a great deal of concern for many people. It can be hard to know what to do until the future is clearer, but even this may be a while. Therefore, it can be helpful to protect your assets in this turbulent time with investment management companies like Wellington Management helping people to be intelligent with their finances and assets throughout this process.
The Brexit situation still remains unclear as we fast approach the original proposed deadline of March 29 with the possibility of extending this deadline looking likely. Understandably, the uncertainty over the future and the state of limbo is causing a lot of stress and anxiety amongst the UK for both businesses and individuals which will only continue in the coming weeks.