Financial advisers are set to face a flurry of client questions and fluctuating markets in the short term following the United Kingdom's decision to leave the European Union (EU) in yesterday's referendum.
The 'leave' campaign won by 52% of the votes to 48%, on a turn-out of almost 72%. Yesterday markets and sterling had both been rallying in expectation of a narrow vote in favour of remaining in the EU. The shock decision has caused sterling to fall by more than 10% to trade at $1.338, down from $1.487 yesterday, and investment experts to warn of unstable market and economic conditions that could last up to five years. Markets had been pricing in some possibility of an exit but many investors believe there will still be considerable downside for UK equities. Billionaire investor George...
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