LONDON - Never mind Britain's general election and January 2020 Brexit dead...
LONDON - Never mind Britain’s general election and January 2020 Brexit deadline — there is a fog over UK assets that won’t lift any time soon, some of the world’s biggest money managers said.
But they fear the new Jan. 31 Brexit deadline only marks the start of a new headache — negotiating a lasting trade relationship with the EU by December 2020, when the transition period agreed with Brussels ends. Following that, trade deals must be also struck with the rest of the world. But Sonja Laud, chief investment officer at Legal & General Investment Management, Britain’s biggest asset manager, said markets did not appear to have thought much about what would happen after January, assuming Brexit happens, and predicted they would do so only after the election.“We don’t have a deal , we just have a divorce and let’s face it, a free trade agreement is equally fraught with problems and forks in the road,” Laud said.
“It will be a long journey and Brexit itself — the discussion with the EU — will also be a long journey,” he said.
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