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Highlights
- A group of over 50 economists has written an open letter to Chancellor Rishi Sunak, warning about the economic impact of the post-Brexit plans to boost the competitiveness of the finance industry.
- According to the experts, the move to increase the competitiveness of the industry could potentially result in weak policymaking.
The UK has been trying to effectively use the freedom it has gained post- Brexit. However, several economists have warned that the substantially huge finance industry may suffer from the similar nature of problems faced during the global financial crisis due to the UK’s plans to boost the industry’s competitiveness with its post-Brexit plans.
2022 Kalkine Media®
Earlier this month, the UK Government had announced that it would need regulators to help in maintaining the position of London as the global financial hub after leaving the European Union (EU). As the UK government is trying to use its post-Brexit freedom, 58 economists have given a warning related to the impact of the new competitiveness objective on the UK’s finance industry on Monday, 16 May 2022.
According to the economists, which included Nobel Prize winner Vince Cable, the move to increase the competitiveness of the industry could potentially result in weak policymaking. An open letter was written by the economists to Chancellor Rishi Sunak expressing that the real economy would suffer significantly as a huge share of talent in the country is driven toward the finance industry.
The competitiveness objective must be pursued but not at the cost of the safety and security of consumers and businesses, as per financial services minister John Glen.
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Let’s look at 3 UK financial stocks that investors may keep an eye on.
- Investec plc (LON: INVP)
The shares of the global banking and wealth management group, Investec plc, were down by 1.33% as the market opened at around 8:00 AM (GMT+1) on 16 May 2022, at GBX 445.70. With a market cap of £3,144.21 million, the FTSE 250 company has provided its shareholders with a return of 55.91% as of 16 May 2022, while its YTD return stands at 11.06%. The current dividend yield offered by Investec stands at 4.1% a year.
2022 Kalkine Media®
- Brewin Dolphin Holdings plc (LON: BRW)
The shares of the leading British wealth manager, Brewin Dolphin Holdings plc, were trading at GBX 515.00 as the market opened at around 8:00 AM (GMT+1) on 16 May 2022. With a market cap of £1,564.20 million, the FTSE 250 company has provided its shareholders with a return of 49.49% as of 16 May 2022, while its YTD return stands at 39.19%. The current dividend yield offered by Investec stands at 2.2% a year.
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- Man Group plc (LON: EMG)
The shares of the active investment management company, Man Group plc, were up by 0.17% as the market opened at around 8:00 AM (GMT+1) on 16 May 2022, at GBX 240.20. With a market cap of £3,198.16 million, the company has provided its shareholders with a return of 40.45% as of 16 May 2022, while its YTD return stands at 5.86%. The current dividend yield offered by Investec stands at 5.0% a year.
