More high-net-worth British investors think Brexit will have a positive impact on the economy than negative, according to a new survey.
43% of UK investors with more than £1m in assets say political uncertainty is their biggest concern.
But a similar proportion, 41%, believe the impact of Brexit on the UK’s economy will be positive. Around 35% expect it to be negative.
The latest Investor Sentiment Survey from Swiss investment giant UBS’ Global Wealth Management division also reveals that 44% of business owners think Brexit will have a positive impact on their companies.
And around 28% of business owners think Brexit will not have any impact at all.
The results of the survey, which relate to the first quarter of 2019, show a general uptick in optimism about the effects of the UK’s looming departure from the European Union.
James Mulford, UBS head of UK mandates and investment, said it was common for investors to prefer investing in their own country, but warned them not to fall victim to “home bias.”
However, there is still some concern about the pound, with 36% of high-net-worth investors citing the value of sterling as a concern. Around one third are worried about the currency’s long-term competitiveness.
But despite it being what he called a “challenging quarter” for UBS clients, “this survey shows that UK investors and business owners have a much more positive mindset than towards the end of 2018,” said Mark Goddard, the head of the firm’s high-net-worth London segment.
“While confidence in the UK economy is currently high, the ramifications of continued Brexit negotiations are still unknown. It will be interesting to see what the quarter brings in terms of the political environment and the impact on the pound.”