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Deal defeat - what comes next for the UK

With the Brexit deal pushed off the table we look at what’s next, and what it means for your savings and investments.

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

Despite a last ditch effort to gain concessions in Strasbourg, Theresa May’s deal has once again failed to inspire MPs to vote in favour.

The vote was lost by a smaller, but significant, margin with 242 votes in support and 391 opposing the deal. That compares to 202 in support, and 432 against the last deal Mrs May brought to the table.

FTSE 100 futures were largely unmoved on the announcement, showing that the result was largely expected. Sterling rose around 0.5% against the dollar before returning to levels closer to those before the vote.

A busy week in parliament

After pushing aside the deal, MPs will come back on Wednesday 13 March to vote on ruling out a no deal Brexit.

If MPs vote to rule out no deal, after rejecting Theresa May’s deal, a third vote will take place on Thursday 14 March to delay Brexit past 29 March.

We don’t know how long a delay might be yet, but a loss here would see Mrs May once again return to Brussels to ask for an Article 50 extension.

There’s no denying we’re getting awfully close to the wire. And what we’d really like is some certainty – to know where we’re headed. After debates in the commons today, and the result of the vote, the only thing that’s clear is that parliament is still incredibly divided.

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At least something’s certain

Whatever happens this week there’s no changing the fact the tax year ends on 5 April. That’s just over 3 weeks away, and exactly a week after we’re due to leave the EU.

Valuable tax shelters like ISAs and SIPPs (self-invested personal pension) have their allowances reset on 6 April. Whatever happens with Brexit, you don’t want to miss out.

If you’re not sure where to invest, you can always hold cash in your accounts, ready to invest when you feel comfortable. Remember, you can even take your money out of an ISA if you change your mind.

If you do invest any money you add, we recommend you take a long-term view. In a SIPP you’re investing for retirement so your money isn’t usually accessible until age 55 (57 from 2028).

Tax rules can change and benefits depend on individual circumstances. Investments rise and fall in value, so you could get back less than you invest.

This article isn’t personal advice, so if you’re not sure an investment is right for you take advice.

A painful mistake?

Don’t miss this year’s ISA allowance. Find out more about ISAs.

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    Important notes

    This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

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