The bare-bones nature of the deal leaves Britain far more detached from the EU than was thought likely in 2016. Further negotiations are inevitable in 2021 to flesh out the agreement."Brexit does mean that the UK will likely lose some of its sheen," said Seema Shah, chief strategist at Principal Global Investors.
Illustrating the discount, UK stocks have underperformed since 2016 and lagged the global recovery since March that has sent rival indices to record highs. And because the size of the UK market has shrunk as a percentage of the global index, to 4 per cent from 10 per cent pre-referendum, foreign investors no longer need to hold as many UK stocks, said Caroline Simmons, chief investment officer, UK, at UBS Global Wealth Management.
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