Brexit

Brexit, Abcam, Victoria and the Beaufort Case

Another bad day for my portfolio yesterday after a week of bad days last week when I was on holiday. Some of the problems relate to the rise in the pound based on suggestions by Michel Barnier that there might actually be a settlement of Brexit along the lines proposed by Theresa May. This has hit all the companies with lots of exports and investment trusts with big holdings in dollar investments that comprise much of my portfolio. But a really ...

Brexit, Industrial Strategy and Productivity

What next now that we are committed to Brexit? Well first we need an "industrial strategy" to help us develop a new place in the world and possibly to pay for the up to £60 billion that might be demanded by the EU (as settlement for outstanding commitments if you believe that - yes divorce can be expensive). Now it just so happens that the Government has just published a Green Paper entitled "Building our Industrial Strategy" on that topic which ...

Brexit Decision by Supreme Court

The Supreme Court has decided to reject the Government’s appeal which means they cannot invoke Article 50 to leave the EU without an Act of Parliament. Will that make...

When in a Panic, Call Lord Pannick

The name of Lord Pannick has cropped up twice recently. He is one of the leading QCs on public and commercial law. So it was not surprising perhaps that...

Emotion on Brexit Driving Investment Decisions?

The Daily Telegraph led its business section with a headline "Brexit vote led to biggest fund exodus on record" this morning. It reported that the referendum result caused the sharpest stock market fund sell off on record, apparently caused by private investors becoming "too emotional" over the vote. Investors in stock market funds sold a record £3.5bn from their portfolios in June in data reported by the Investment Association. However the press release issued by the Association also indicated that funds under ...

Who Caused the Stock Market Collapse? And consequences.

Who or what caused the stock market falls immediately after the Brexit vote? It was not just the UK market that fell, but many international ones plus of course the pound fell very significantly - to its lowest level since 1985. It was somewhat unexpected that the impact would be so immediate. The UK stock market has recovered to a large extent in the large cap stocks, many of which will benefit from the lower pound and a move to more "defensive" ...

Brexit Hangover, You’re Not Laughing Now

The markets falling, England lost to Iceland in a football match, and there is gloom and despondency everywhere. Much of the country seems to be in a post-party hangover. It therefore seems a good time to review the situation and try to give some explanations for what has been happening. Firstly, you have probably guessed, as did my local M.P. without me telling him, that I voted for Brexit. Je ne regrette rien, as one of our partners that we intend to ...

Brexit Result Impact and Tesco AGM

The result is in, and the people have spoken. We will now leave the EU, unless of course there is some more re-negotiation or other fudge which would probably require some U-turns by politicians. They are of course adept at finessing such manoeuvres so don't be surprised if the outcome is not quite as simple as it might first appear. The pound has already fallen substantially (I am writing this just before the stock market opened). Is that a disaster? Not quite ...

Berkeley Results, Pay, Brexit and AIM

We are now definitely in the usual summer doldrums in the market, compounded by the uncertainty over Brexit. It is obvious that private investors have been taking their money...

FT One-Sided on Brexit?

Do you read the Financial Times? If so have you found the repeated articles on Brexit (including many editorials) somewhat one-sided? Well yesterday the Financial Times actually published a letter from Campbell Gordon complaining about it, and it's not often that editors publish letters critical of what they are issuing. But what do we get today? Yet another editorial on the same topic and with the same slant - in this case explaining why scientists are unhappy with Brexit and should not ...