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Hargreaves Lansdown, the EU referendum and Brexit

Our CEO, Chris Hill, shares our house view on Brexit.

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.

Chris Hill, CEO, Hargreaves Lansdown.

We don’t take sides on referendums and elections. We are not political. We’re focused on doing the best we can for our clients in whatever climate prevails.

We didn’t take a view on the EU referendum and we are neutral on the issue of EU membership.

Our concern is any consequences Brexit has for our clients and their savings and investments. Brexit uncertainty is undermining investor confidence and this has an impact on our clients.

We think it would be in investors’ best interests for this uncertainty to be resolved as quickly as possible. Clarity around our trading relationships with Europe and the rest of the world will give investors and businesses the confidence to move ahead with their plans and to help the economy grow. In the meantime we are working on the assumption that Brexit will go ahead.

The effect of Brexit on our business

We are a British business based in Bristol. Almost all of our clients are UK citizens who live and work in the UK. We have relatively few suppliers for a FTSE 100 company and those we do have are predominantly based in the UK.

This means that we are far less troubled by issues such as trade agreements than those who trade internationally.

We have a technology hub in Warsaw called HL Tech which expands our IT development capability. HL Tech isn’t a trading company – we don’t market our services in Poland or anywhere other than the UK, and we don’t think there’ll be a major impact on this hub.

Opening up our services to overseas clients isn’t part of our current strategy. We are focused on delivering and developing our savings and investment services to clients and potential clients here in the UK.

Peter Hargreaves and his views on Brexit

Peter Hargreaves is a co-founder of Hargreaves Lansdown and was Chief Executive until 2010. He is no longer an employee or director, having retired in October 2015.

Peter is very clear on his personal opinion, but he doesn’t speak for, or represent the company or its directors. He remains a shareholder of Hargreaves Lansdown plc.

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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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