According to the annual Global Wealth 2016 report issued by Credit Suisse, the UK's household wealth has been reduced by approximately £1.2 trillion following the vote to leave the European Union.
Brexit has left a negative effect on both the value of the pound and on the stock market. In the 12 months to June 2016, the UK has lost 10 per cent of its wealth, leading to a 15 per cent reduction in the total number of millionaires.
"The United Kingdom had a tumultuous end to 2015 – 2016, with sharp declines in the [foreign] exchange rate and the stock market following the vote to leave the EU in the June 23 referendum. Nevertheless, as of the end of June, wealth per adult in pounds sterling was 6 per cent above its level a year earlier. The stock market recovered later, but the outlook is very uncertain, both for the economy and household wealth," the report reads.
Our team at Beavis Morgan has over 40 years’ experience in helping high net worth clients maintain their capital value and manage their income levels to ensure that their lifestyle goals continue to be met. We proactively explore the intricacies of the tax legislation to ensure that all reliefs available to you are utilised and that your interests are safeguarded.
We can also assist you with medium and longer-term financial planning to ensure that you, your family, and ultimately future generations of your family, will benefit from your wealth, in accordance with your wishes.
Contact Alan Ford or your usual Beavis Morgan Partner to find out more.