Credit Suisse "advises" clients to act quick on moving assets out of the U.K.
- 1 month ago
Credit Suisse seems to think better to re-allocate investments out of the U.K. before Janary as parliament will finally get to vote on the Brexit deal.
Clients with at least $30 million net worth may want to move with a slight sense of urgency according to the swiss bank, given the fact PM May has already survived a no-confidence vote, however opposition leader Jeremy Corbyn has called for a second round and Brussels has made it clear there is no negotiating.
And it is not bad advice at all, as of last week when the original vote on the deal was meant to have taken place, uncertainty has obscured investors and many have decided to migrate to Switzerland and the Channel Islands, along with the possibility of Labour coming to power which would bring in all kind of tax issues for the wealthy.
That being said, not all are so negative about it as one banker put it, "We certainly wouldn't encourage clients to get their money out and run," adding that "Our role as wealth advisers is to calm some of the hysteria going on rather than add to it."
"Credit Suisse does not currently hold a house view that clients should move assets out of the UK due to Brexit or other political developments in the UK."
Source: Smart Trend Team