Tuesday 7 May 2019 12:02 pm

Investor confidence over Brexit picks up despite ongoing uncertainty

The number of investors that believe Brexit will have a positive impact on the economy has overtaken those with a negative outlook.

Despite the ongoing uncertainty over the UK’s departure from the European Union, 41 per cent of high net worth individuals said Brexit will be good for the UK’s economy compared to 35 per cent who said it would be damaging.

Read more: Investors withdrew savings from UK funds in lead up to Brexit deadline

Business owners are also more optimistic, with 44 per cent believing Brexit will be positive and 28 per cent saying it will have no impact at all, according to UBS Wealth Management’s first quarter Investor Sentiment Survey.

The survey results were revealed as Theresa May and Labour leader Jeremy Corbyn are due to resume cross-party talks to break the current deadlock. The prime minister is also preparing to meet Sir Graham Brady, the chairman of the 1922 committee, as she faces calls to set a firm resignation date.

Mark Goddard, head of UBS global wealth management’s high net worth London segment, said: “Between multiple meaningful votes in Parliament and pivotal European Council summits, it has been a challenging quarter for our clients, who are looking to minimise the impact of domestic political and market factors on their investments and businesses.

“Despite this, this survey shows that UK investors and business owners have a much more positive mindset than towards the end of 2018.

Read more: Some investors are clearly living in a parallel universe

“Investors have managed to set aside concerns over prolonged uncertainty when assessing their financial objectives and economic outlook.”

Financial confidence increased overall in the first quarter, with the number of investors that cited the domestic political environment as the biggest concern falling from 55 per cent to 43 per cent.