World’s largest wealth fund pours billions into UK saying business will get BETTER after Brexit

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THE world’s largest wealth fund is taking a bet on Brexit Britain – saying it will increase its investments in the country after we leave.

Norway’s giant state investment pot has £750billion to invest from the country’s oil and gas income, and is already one of the biggest investors in UK assets.

Norway’s sovereign wealth fund will continue to increase investment after Brexit
AP:Associated Press

The fund’s chief executive said that it would continue to be a significant” investor in the UK despite us leaving the EU in March.

“We foresee that over time that our investments in the UK will increase,” Yngve Slyngstad told Reuters.

Commenting on whether the risks associated with the UK’s decision to leave the European Union on 29 March had affected the fund’s investment plans, he said: “With our time horizon, which is 30 years plus, current political discussions do not change our view of the situation.”

Brexiteer Jacob Rees-Mogg hailed the decision, saying the UK would be a “better destination for investors once we have left the EU.”

The fund is a co-owner of Regent Street in London and a top five investor in companies including HSBC and BP.

It holds around £6billion worth of UK government debt too, and stakes in Marks and Spencer and Sainsbury’s.

But Independent Group MP Chris Leslie said it was proof that British assets had slumped.

He said British assets were in the “global bargain basement” and people were buying them “in the hope that in the long term it will make them money”.

The firm employs 250 staff in London and said that it didn’t expect that to change after we leave.

Today’s news is a huge boost for Brexit Britain as the firm continues to invest for the long-term.

And since the Brexit vote, critics have said that slides in the pound mean that our goods are more competitive on the global market too.

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Theresa may will be pleased with the news of the business
PA:Press Association


Mrs May is still fighting with Brussels to get changes to her deal in the hope that MPs will pass it.

However, this week she opened the door to a Brexit delay, saying she will allow politicians a vote on whether to extend Article 50 if she’s still not got a deal by the middle of March.

Brexiteers fear this could pave the way to the reversal of Brexit altogether, or another divisive referendum.


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