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After the sell-off in major asset markets and in sterling at the end of June, and the subsequent revival during the July-September period of almost all asset classes except the UK currency, the Brexit debate has moved into a “phony war” stage.
All meaningful outcomes are in suspense until the British government declares its hand by triggering Article 50 of the Lisbon Treaty which initiates the procedure for a country to leave the European Union (EU). Recently, UK Prime Minister Theresa May has said that this would happen by the end of March 2017.
The Prime Minister May’s announcement comes despite arguments to the effect that it is futile to launch any negotiations until after France and Germany have new leadership in place after their respective presidential and federal elections in April/May and August/October 2017. The motive was to give businesses more clarity for their investment planning.
Source : Invesco Real Estate
