It follows a heavy defeat in parliament for UK prime minister Theresa May last night, with her revised withdrawal agreement being rejected by a vote of 391 to 242 – the second time the deal has been rejected.
Chris Cummings, chief executive of the Investment Association, which lobbies on behalf of the UK’s £7.7trn (€9trn) asset management industry, said the continued uncertainty was “extremely disappointing”.
He said: “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.”
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