Exactly one year after the UK voted to leave the European Union, and in the same week that Brexit talks have finally begun, it may seem that little has actually changed.
As the debate still rages over immigration and whether the UK should remain in the single market, little has been settled so far.
But already the pound has sunk, the stock market has risen and winners and losers are beginning to emerge.
Winners | Losers |
The Ftse All-Share index remained afloat, making a 21.8 per cent return in the 12 months following the referendum. The Ftse 100 held this up at 22.6 per cent, while the Ftse 250 performed less impressively at 17.2 per cent. Yet both of these were lacklustre compared with countries such as France and Germany's indices, both of which returned more than 40 per cent. |
Domestic consumer-facing businesses The stock market may have kept its head above water on average, but some businesses either directly or indirectly serving the British consumer have felt the strain. As inflation ratchets up the pressure on customers, companies such as Dixons Carphone, Travis Perkins and Berkeley Group have found themselves relegated from the index of the UK's 100 biggest companies. |
Small cap index The Ftse Small Cap index appeared to outperform its blue chip counterpart, returning a strong 26 per cent. However much of these returns were created by investment trusts, many of which invest abroad. |
Commercial property funds In the wake of the Brexit vote, high levels of withdrawals led to trading being suspended in several multi-billion pound funds as investors feared for the UK's future. Some of the managers affected included Henderson Global Investors, Columbia Threadneedle, Standard Life, Aviva and M&G. Though the sector has now returned to normal, the episode acted as a warning. |
UK government bonds Bonds held relatively steady – the Ftse Actuaries UK Gilts index indicated a return of 6.2 per cent. But according to Hargreaves Lansdown analyst Laith Khalaf, there are “legitimate concerns that these bonds are in bubble territory”. |
Holidaymakers Although the weaker sterling has boosted the stock market and pushed up inflation, which many economists believe is good for the UK economy, travellers abroad will have got less foreign currency in return for their pound. |
Read more: Why the FTSE 100 rises when sterling falls
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