Prime Minister Teresa May has signed the letter of notification to the President of the European Council, which triggered the much-discussed Article 50 and outlines the UK’s intention to withdraw from the European Union.
This historic event is a real landmark, but despite the medium-term uncertainty that Brexit brings to the UK economy, as the exact terms of leaving the EU are negotiated, the FTSE 100, which has surged to record highs since last June’s Referendum, shrugged off early falls to end the day up 0.41% at 7373.72.
Following an early dip, London markets were in positive territory by mid-afternoon, with the Pound rising by 0.21% against the Euro, but down 0.37% against the US Dollar.
Adam Chester, Head of Economics for Lloyds Bank Commercial Banking said: “It seems market participants have taken some comfort from the conciliatory tone adopted by the Prime Minister. Her desire to achieve an orderly withdrawal is clearly expressed in the tone of her statement and the Article 50 letter.”
“It is, however, early days. Having set out the UK’s position, the focus will now shift to the EU’s response and, in particular, the draft negotiating guidelines that that the EU is expected to publish over the next couple of days.”
Britain now has two years to find an acceptable settlement, and unravel the nation from the economic and social commitments it has with Brussels, which will not be a straightforward process.
Here at The Financial planning Group we manage our clients’ assets to an investment strategy that is designed to achieve their financial goals, and to change the fundamental relationship people have with their money, and to give them confidence and clarity in their own future.
If you would like to arrange an investment consultation, please call Tim Norris or Alan Clifton on 0800 731 7614 and we would be delighted to arrange a meeting at our offices in the heart of Teddington.