The fallout from Brexit continues and financial uncertainty can be seen in the markets as the British Pound continues to come under pressure and a growing number of property funds in the UK are freezing redemptions. The Telegraph’s Ben Marlow draws some chilling comparisons with the Bear Stearns crisis of 2007.
Almost nine years since that fateful day, and the ghost of Bear Stearns is stalking the Square Mile again after the lockdown of three of the UK’s biggest property funds.
After the initial post-Brexit rout, which resulted in sterling and equities getting pummelled, markets looked to have finally calmed down with the FTSE 100 moving past its pre-Brexit level.
However, investors have been spooked once again after insurance giants Standard Life, Aviva and M&G, froze redemptions in their retail property funds.
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