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Long-term financial plan is vital

Having a long-term financial plan is vital for businesses to “weather inevitable storms” like Brexit, according to a financial planner.

Alan Mellor, managing director of Cheshire-based Phillip Bates & Co Financial Services, says the question he gets asked more than any other at the moment is: "How will Brexit affect me?"

Alan said: “While there is every chance there will be an economic downturn at some stage over the coming months, the key to good financial planning is to ensure that you are not overly exposed.

“And, as with every significant moment in history, the financial position is far from straightforward. There are always winners and losers. For example, a fall in the value of the pound increases the opportunities for businesses that export. Similarly, non-UK investments will typically go up in value as the pound is worth less. On the flip side, the cost of goods and other items such as foreign holidays goes up.

“What we don’t know yet, which is causing continued uncertainty for private investors and business owners across the UK, is how the current Brexit negotiations will play out.”

He added: “When the UK took the decision to leave the EU, the pound and the markets went into freefall. It looked like seismic change was on the horizon. The reality over the ensuing 12 to 18 months was somewhat different as investors were on the receiving end of some of the best returns since the 1980s.

“The political and economic consequences of landmark events like Brexit focus the mind on the importance of having a broad and diversified portfolio of investments.”

Pictured: Alan Mellor of Cheshire-based Phillip Bates & Co Financial Services

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