Brexit – when uncertainty is the only certainty

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Almost a month on from the EU referendum the financial services industry is still feeling the reverberations from the shock result. Despite dire warnings about house price crashes, stymied economic growth and a brain drain from the City just yesterday, the Chancellor claimed that the UK is set to thrive following Brexit. Yet, at the same time the Bank of England announced that some of the Brexit-related risks that were foretold are beginning to come to light.

 

It’s no wonder that consumers are confused and worried about the future when the only certain thing seems to be uncertainty. We don’t yet know who will be Prime Minister at the end of the year and there may well be a change in leadership in the Opposition. We might yet see women lead all the main political parties in the UK come party conference season.

 

In the midst of this uncertainty many clients are concerned at the short term impact the faltering stock market and fall in the value of the pound has or potentially will have on their investments and potential retirement pots. For clients who have retired abroad there is still a question mark over whether Brexit will affect their residential status and the drop in the pound versus euro may mean their standard of living may well be impacted anyway. For those looking at long term care for themselves or their relatives there in understandable nervousness around future affordability.

 

The good news is that the expert investment advisers that work with My Care Consultant believe that the future is far from bleak and that any short term losses should be recovered over the mid to long term. In the last few weeks, stock markets have plunged – and yet recovered. The pound has slumped – and yet recovered.

 

But, for those considering long term care there is always an element of uncertainty. Life expectancies continue to climb, with one in 5 expected to live more than 5 years in long term care yet some may well live well beyond this. Only by planning ahead can families hedge this risk and protect their long term interests. An impartial client report from My Care Consultant will help clients identify the care option that is best for them and then how this can be financed efficiently ensuring quality and consistency of care as they age – whether you’re in or out.