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News

UK votes to leave the EU

Web Master - Friday, June 24, 2016

As you may have heard, the UK has voted to leave the EU with 51.9% of the votes.

Garry Burton has advised that we will not have any knee jerk reaction to this decision. We will be reviewing and revising our position closely for the time being and will advise you if we believe there will be an impact on you, our client.

We have been wary of the European market for some time, therefore have been limiting investment exposure in that area. In other words, we do not believe this decision should impact too much on any of our clients, however we do expect to see continued volatility of the local investment markets as a result of this vote.

A report from Fidelity International stated:

The UK has voted to leave the EU, according to media reports. What does this mean for you and your clients?

Key consequences of this decision include: 

  • Article 50 of the EU constitution, the law governing the process of the UK’s divorce from the EU, will be triggered at some point
  • This will start the two-year process to determine the terms of the UK’s EU exit, including its access to the single market
  • Pressure will mount on Prime Minister David Cameron to resign
  • The result is likely to hamper the UK economy to some extent
  • The ECB is likely to expand its asset purchases, to reduce the risk for investors 

Please find a presentation to use with your clients, explaining the economic and market impact of this decision. Click to view presentation.

If you wish to discuss this issue further, please do not hesitate to contact Lee and I can arrange a time for you to speak with one of our Financial Advisers.

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Office Locations

Goldenwest Financial Solutions is based out of Dubbo but we also service the Central West in the following locations:

  • Dubbo
  • Orange
  • Forbes
  • Nyngan
  • Cobar
  • Mudgee