Ann-Katrin Petersen, investment strategist at Allianz Global Investor | The more uncertain the UK political environment, the weaker the GBP, and vice versa. A structural appreciation of GBP, which we deem to be undervalued, necessitates more clarity and a benign decision in the Brexit discussion.
Three years on from its vote on EU membership and the UK still has little idea what its future relationship with the EU might turn out to be. Under pressure from europhile members of her cabinet, Theresa May has finally decided that running the Brexit clock down is in nobody’s interest. Instead, she has now taken the perhaps equally disappointing decision to kick the Brexit can further down the road, if politically necessary.