Investment Association responds to the Meaningful Vote

Commenting on the result of the Meaningful Vote, Chris Cummings, Chief Executive of the Investment Association, said:

“It is extremely disappointing that after such long negotiations and a second meaningful vote, the Brexit uncertainty continues.

“We are now merely weeks away from the Article 50 deadline, and it is critical that every effort is made to avoid a no-deal exit from the EU. This is by far the least desirable outcome for the millions of people who entrust us with their savings and for our industry. Since the Brexit referendum, British savers have taken nearly £19bn out of UK equity funds, which reflects broader concerns about the strength of the UK economy. A no-deal Brexit will only serve to further dent investors’ confidence in the UK economy, and every effort must be made to avoid it.

“Given the continued uncertainty that today’s result brings, the industry has no option but to implement their long-established no-deal contingency plans.”

ENDS

Notes to Editors

About the Investment Association (IA):

• The IA champions UK asset management, supporting British savers, investors and businesses. Our 250 members manage £7.7 trillion of assets and the asset management industry supports 100,000 jobs across the UK.
• Our mission is to make investment better. Better for clients, so they achieve their financial goals. Better for companies, so they get the capital they need to grow. And better for the economy, so everyone prospers.
• Our purpose is to ensure investment managers are in the best possible position to:
• o Build people’s resilience to financial adversity
• o Help people achieve their financial aspirations
• o Enable people to maintain a decent standard of living as they grow older
• o Contribute to economic growth through the efficient allocation of capital.
• The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.
• The UK is the second largest investment management centre in the world, after the US and manages 35% of all assets managed in Europe.