Investing in aftermath of Brexit '˜could be a wise move', says Larne financial planner

The banking sector was plunged into a state of chaos this morning following the UK’s decision to leave the EU, with the pound slumping to a 30-year low.

But David Hill, a Chartered Financial Planner and Independent Investment Adviser at Hills Financial Planning, said that although things could be “shaky” in the immediate aftermath of Brexit, in the long term he is confident the economy will be “no worse off”.

He said: “It comes as no surprise that the pound has collapsed and the stocks markets have fallen today; it was widely expected to happen in the event of a Brexit.

“But most economists say that in the long term the economy will be no worse off out of the EU and the decline will be temporary.

“In the short term there are likely to be severe fluctuations in both currency and the stock markets.

“It could be a couple of years before things get back on track, as new trade deals will have to be negotiated among other things.”

Mr Hill added that the only thing people could do now was “sit tight and wait to see how the Bank of England reacts”.

However, he added that for those who have money which is currently not invested, now might be the time to take advantage of the situation.

“Investing after a market fall could be a wise move,” he said.

Speaking of his personal feeling on Brexit, Mr Hill told the Times: “I knew the vote was going to be tight, but I thought the economic argument would have swung it for the Remain campaign.

“I personally am worried about the implications for Northern Ireland’s border with the Republic, both in terms of the economic and political situation.

“Businesses in Northern Ireland could be quite badly hit, especially those close to the border,” he warned.