Finance

Credit Suisse warns ultra-wealthy clients to shift assets out of the UK

Credit Suisse warns ultra-wealthy clients to shift assets out of the UK
Credit Suisse warns ultra-wealthy clients to shift assets out of the UK

According to the FT report, which was posted on last Tuesday, all the people who are ultra wealthy and have a high net worth are advised to move their assets from the United Kingdom to some other country.

The vote of the Brexit plan is still going to be held on the 14th of January 2019 and the vote is still pending. The wealth manager of Swiss bank called Credit Suisse has advised that all the clients who have a high net worth of more than $30 million are expected to move their assets from the United Kingdom.

It is advised to accelerate their plans to move their assets outside the United Kingdom before the month of May where the vote of the Parliament will occur. Theresa is holding on to her vote on the Brexit deal till January. The opposition leader of British Jeremy Corbyn has come up with a no-confidence motion in May saying that it is totally unacceptable for the Parliament to wait one more month to vote on the Brexit deal.

United Kingdom lawmaker has initially scheduled to have their say on the withdrawal from the European Union last week, but the Prime Minister delayed the vote because of their election.

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All these delays have finally led to a lot of uncertainty around Brexit. The market and the investors are not really fond of the situation right now. All the multimillionaires are now trying hard to move their assets from one country to another because, after the Brexit deal, a lot of things will be changing in the United Kingdom.

All the millionaires are rushing to Swiss Bank in Switzerland to successfully open another bank account there. Everyone in United Kingdom is scared of what is going to happen after the deal is completed and the United Kingdom is not under the guidelines of European Union. Not all the millionaire is agreeing to leave the United Kingdom. There are people who are sure that once United kingdom gets out of the European Union, there will be a lot of good changes in the administration.

Not everyone is scared and moving their assets outside United Kingdom. According to banks of United Kingdom, people should not have to be scared about their money. Most of the people are running away with the money and this is why United Kingdom is suffering a huge cash shortage.

The economy of the United Kingdom is also going to suffer a big dent because of the Brexit deal which is not being completed till now. A lot of industries are suffering because of the Brexit deal and there is a shortage of money everywhere.

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Credit Suisse is having a hold on the house view and according to her, the clients should definitely move their money out of United Kingdom and this is total because of the chances of falling off the Brexit deal.

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