In the three months since the European Union referendum in the UK, there has been little impact other than the change of Prime Minister and the weakness in Sterling.
The FTSE 100 recovered quickly and even the FTSE 250 has regained its pre-vote levels, confounding the warnings from a range of experts. However, performance has diverged between companies with substantial overseas earnings and those which are more domestically-exposed.
Brexit will take several years to come to fruition. During this time, economic growth may slow because of uncertainty, but we do not expect a recession. So far, leading economic indicators confirm this. However, this period could be difficult, with politically-driven volatility shaping the investment landscape.