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Credit Suisse tells rich clients to ditch UK assets

Credit Suisse tells rich clients to ditch UK assets

Credit Suisse is advising wealthy private clients to think about moving their assets outside of the UK because of the uncertainty around Brexit, according to the Financial Times.

Prime Minister Theresa May’s decision to delay the vote on her seemingly doomed EU exit deal last week prompted the Swiss bank’s advisers to contact its wealthiest customers, as hope for a softer Brexit evaporates, the paper reported..

However, Credit Suisse said this is not its overarching house view.

A spokesperson said: 'Credit Suisse does not currently hold a house view that clients should move assets out of the UK due to Brexit or other political developments in the UK.'

The paper has been reporting since late last year that London’s super-wealthy clients have been moving cash out of the capital and overseas, with some fearing a wealth tax, should Labour leader Jeremy Corbyn come to power.

A number of wealth firms have reported that clients are increasingly setting up offshore trusts so they can move assets quickly should Corbyn be elected.

Meanwhile, the Coutts London Prime Property index data revealed last month that the number of transactions fell by 5.5% quarter-on-quarter in the third quarter, with prices dipping by 0.8%. A significant 52% of properties had their prices marked down by surveyors before sale, underlining the fact that London is becoming a less popular place to live for the ultra-wealthy.

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