PRIME Minister Theresa May is likely to be “tipped over the side” after her snap General Election gamble backfired, a leading City commentator has warned.
Justin Urquhart Stewart, the co-founder and head of corporate development at Seven Investment Management, said that “HMS Britain is rudderless, directionless and shortly leaderless”.
He added: “Not a good strategy for the economy. The captain is likely to be tipped over the side and we will need to find a new credible commander, not just to lead us through the Brexit negotiations but also through the next election which in all likelihood could be in the next two years.
“Investors should hold hard and remember the importance of your compounded returns of your dividends on your broadly diversified portfolio.”
Chris Darbyshire, chief investment officer, 7IM said: “Another year, another British political upheaval. 2015 had everyone expecting a hung parliament and we got a Conservative majority. 2016 gave us the delights of Brexit. 2017 completes the hat trick.
He added: “A Conservative government majority might just be manageable if the Irish Unionists continue to co-operate, and if Sinn Fein sticks to its usual approach of not taking up its seats. That explanation alone shows how fragile a continuing Conservative government could be – held hostage on domestic policy changes by the promise of support on Brexit.
“A Labour-led minority government would not be likely to be any stronger, pulled between a ‘soft’ and a ‘hard’ Brexit.
“Coalitions have been suggested, but it seems very unlikely that the Liberal Democrats will repeat their 2010 error of choosing a side, and the same is probably true of the SNP.”