Income & Fixed Interest Newsletter – ‘Brexit’ update
We will be writing a much longer piece in this month’s Newsletter but given the volatility we thought it was worth sending this quick update on our thoughts and portfolio positioning.
The Brexit vote showed the fault lines that have opened up in Britain across age, education, location and class and these divisions are present and growing across the rest of the western world. To view this as a protest vote would be to underestimate the feeling of abandonment that many sectors of society feel right now and is showing up in many countries as support for far left and far right parties. As inequality rises and the benefits of central bank policies accrue to a small wealthy subset the rise of the disenfranchised was only a matter of time.