Office Locations
Viewing posts categorised under: BREXIT

What’s next for GBP versus EURO

By Gareth Horsfall - Topics: BREXIT, Inflation, Italy
This article is published on: 29th March 2017

29.03.17

Whatever you think about Brexit and the effects it is having and the effects it will have I can’t think of a more sudden and bigger impact on most people’s lives than the depreciation of Sterling.

An approximate 20% fall in the currency since the heights of 2015.

Most people I know are able to accommodate this in some way, cutting back on the non-essentials and saving in other areas. However, if it falls further how will that affect us?

So, I thought I would do some digging around and contact some financial institutions to find out their opinion on the future of Sterling.

Let me start with a caveat to this article: Currencies are notoriously unpredictable. Most industry professionals accept that they can’t control them and have little ability to predict them. Predictions are about as effective as looking at ‘Il Meteo’ to see what the days weather is going to be!

HEDGE FUND MANAGERS
Whilst it is impossible to predict currency movements you can guarantee that behind the scenes there is plenty of activity and big positions being taken. I avidly remember when I spoke with someone in the financial markets the morning of Brexit vote +1. The person on the other end of the line told me that he had no idea how the markets were going to react but that fortunes had been made the morning of 24th June 2016 with currency speculators betting against GBP v EUR and USD.

These same speculators love uncertainty as it gives them more influence over the market…in theory. However, given the fact that recent key announcements don’t really seem to be devaluing Sterling any further it gives you the impression that it may have found a level of equilibrium that prices in any current uncertainty…for now.

FAST FORWARD TO MARCH 29TH – BREXIT DAY
I think it is safe to say that post Brexit day Sterling is likely to suffer marginally, purely due to the negative economic notions associated with it. The news flow during this period is, in the main, likely to be negative (unless you read the Daily Express or Daily Mail) and therefore it is reasonable to assume this will have an impact on Sterling and push it further down.

LONG DRAWN OUT NEGOTIATIONS
The negative news is probably already being prepared as I write and therefore we can expect a gush of it next week. However, stretching the time horizon out further into the process the news flow will probably slow to a trickle with occasional floods, dependent on political news on any given day. It is absolutely clear that an advanced economy which has been involved in an economic union for the last 56 years cannot extract itself from this same union in only 2 years and therefore the negotiations ‘could’ continue a lot longer than expected. A long drawn out negotiation with the EU could work in Sterling’s favour and we could see a significant rally.

INVESTMENT PSYCHOLOGY
I think it is also useful to never forget the psychology of people and our cumulative tendency to be over anxious in times of stress and over confident when times are good. This is a classic investment bias and no one is immune to it, not even the greatest minds. Our currency biases are no different. We can easily anchor to an exchange rate that we feel is a ‘natural level’ based on our own experience, but on what basis are we making these assumptions? Are we seeking out all opinion, even that which is contradictory to our own thinking or are we making these assumptions based on information that we seek out to confirm our own opinion?

Maybe Sterling is overly devalued merely on the preconceived notion that its choice to leave the EU is a bad thing. Unfortunately for us we are about to enter uncharted territory and our biases will soon be tested.

LONG TERM FUNDAMENTALS
In reality, it is good to look at the facts, even though understanding our own psychological processes around exchange rates is probably more important. But BEWARE:

What I am about to write may just allow you to ‘anchor’ your perceived idea of where Sterling should be valued based on what you already think. I would encourage you to not let my musings influence your thoughts!

Using long term macro-economic modelling, Sterling looks very undervalued versus the Euro. Without Brexit, you could easily argue that fair value should be around 1.4 euros to the pound, taking into account structural economics only. Assuming Brexit, we can work on the basis of c.1.25 but it could take years to get there.

Productivity is the key driver of this long term model – particularly productivity in the tradable goods sectors. This is likely to suffer after Brexit due to non-tariff barriers to trade (think about the additional overseas regulation and customs regimes that need to be implemented post Brexit). That said productivity growth in the EU is and has been weak and it is unlikely to surge ahead whilst the UK economy recalibrates, which should ultimately limit the damage to Sterling.

Over the medium term, the exchange rate trades within a range of values where 2 or 3 year interest rate expectations would imply it should be.

So the next time you speak with someone and you hear yourself quoting a post Brexit level of 1.25 or a long term rate of 1.4. Make sure you remember where you heard it first and pinch yourself. It’s all theory. The rate is what it is on any given day and there is nothing you can do to influence it!

Currency swings have a major impact on people’s lives. Therefore, it is important to make sure that the rest of your financial affairs: investments, pensions, tax planning etc., are working to maximum effect. If you would like to ensure that all your other financial affairs are in perfect working order then don’t hesitate to contact me on gareth.horsfall@spectrum-ifa.com or call me on +39 333 649 2356 for a FREE consultation.

Banks start plans for Brexit

By Chris Burke - Topics: Article 50, Banking, BREXIT, europe-news, spain, United Kingdom
This article is published on: 22nd March 2017

22.03.17

After U.K. Prime Minister Theresa May set a date to trigger the formal mechanism for quitting the EU, within weeks some of the worlds Big investment banks will begin the process of moving London-based operations into new hubs inside the European Union.

The biggest winners look likely to be Frankfurt and Dublin. Those people familiar with the plans, asking not to be named because the plans aren’t public, include the Bank of America, Standard Chartered Plc and Barclays Plc. To ensure continued access to the single market they are considering Ireland’s capital for their EU base. Meanwhile, Frankfurt is being eyed by Goldman Sachs Group Inc. and Citigroup Inc respectably others said.

Dublin shares similar laws and regulations as its U.K.neighbour and is the only other English-speaking hub in the EU. Whilst Frankfurt is a natural pick, given a financial ecosystem featuring Deutsche Bank AG, the European Central Bank and BaFin.

Executives want to have new or expanded offices up and running inside the EU before the U.K. departs in 2019. With banks increasingly expecting a so-called hard Brexit – the loss of their right to sell services freely around the EU from London.

It is thought London could lose 10,000 banking jobs and 20,000 roles in financial services as clients move 1.8 trillion euros ($1.9 trillion) of assets out of the U.K. after Brexit, according to think tank Bruegel. Other estimates range from as much as 232,000 jobs to as few as 4,000.

BRITISH IN ITALY

By Gareth Horsfall - Topics: BREXIT, Italy, Residency
This article is published on: 2nd March 2017

02.03.17

As you may already be aware I am now a part of the group called ‘British in Italy‘ which has been set up to protect and fight for the rights of Italian citizens living in the UK and UK citizens living in the EU.

As we move further through the BREXIT process no doubt more information will come to light regarding the protection that the UK and EU will grant us in these negotiations.

Our message is simple:

We should be granted all the rights that we have acquired and/or are entitled to before the UK chose to leave the EU.

I would ask you to get behind this movement and help us to fight for you in the UK and in Italy, in our discussions at the UK Embassy and also in our meetings with Italian MPs. It is very important that we are seen to be representing a large number of UK Nationals living in Italy. Numbers hold a lot of credibility for us.

In 2015 ISTAT (the Italian statistics agency) recorded approximately 27000 UK Nationals registered in Italy. We are in touch with about 1000. We have a long way to go!

If you have not yet made your presence known, and/or you know someone who hasn’t then feel free to get in touch with the British in Italy group at britsinitaly@gmail.com Your name and contact information will be registered and you will be added to a newsletter mailing list. (Your information will not be shared or used for corporate purposes).

Or follow us on Facebook HERE

Our objectives are listed below:

  • British in Italy is a group of UK citizens resident in Italy concerned about the effect of Brexit on the many thousands of UK citizens in Italy and the half million or so Italians in the UK.
  • Our aim is to ensure that Brexit does not penalise these individuals, all of whom made the decision to move across the Channel in bona fide and relying on their EU right of freedom of movement.
  • UK citizens already in Italy and Italians already in the UK should therefore continue to have all the rights they had acquired or were in the process of acquiring while the UK was in the EU.
  • We have already lobbied the UK government hard not to take these rights away from EU citizens in the UK.

Remember to get in touch at britsinitaly@gmail.com

• We now call upon the Italian government, both as a national government and as a founding member of the EU, to ensure that in the negotiations over Brexit these rights are not taken away from expatriate citizens on either side of the Channel.

Remember to get in touch at britsinitaly@gmail.com

UK PUBLIC SECTOR PENSIONS, BREXIT AND ITALIAN CITIZENSHIP

By Gareth Horsfall - Topics: BREXIT, Italy, Pensions, public sector pensions, QROPS, Retirement, United Kingdom
This article is published on: 1st March 2017

01.03.17

I was watching a nature documentary with my son the other day and we were watching the foraging activities of grizzly bears in North America.

It was interesting from the perspective that they will forage across huge distances in search of different food types to ensure they get the proteins, minerals and vitamins they need to stock up for the long winter ahead of them.

In some ways this behaviour reminded me of the foraging that I sometimes embark upon, across the internet, to ensure that you have all the information you need to weather the seasons ahead. We have lived through some spring and summer seasons, metaphorically speaking, but politically we seem to be entering autumn and possibly winter, depending on your point of view of course. I imagine for those people I know who voted BREXIT, that this is a new dawn. However, I will stick with my view for the purposes of this blog.

FORAGING
I was foraging through the internet last week in search of some information on UK pensions and happened to stumble across an Italian fiscal website which had a summary of the Italian tax treatment of pensions from around the world.

To my surprise, my eyes fell across the following statement in relation to pensions paid from Argentina, UK, Spain, the USA and Venezuela:

‘Le pensioni private sono assoggettate a tassazione solo in Italia, mentre le pensioni pubbliche sono assoggettate a tassazione solo in Italia, se il contribuente ha la nazionalità italiana.’

WHAT DOES THIS MEAN?
In short, and what caught my eyes was specifically in relation to the tax treatment of public section pensions in Italy.

…….le pensioni pubbliche sono assoggettate a tassazione solo in Italia, se il contribuente ha la nazionalità italiana.’

(Public sector pensions would be those defined as local Government, doctors, nurses, police, firemen, armed forces, teacher etc).

If you are a holder of one of these types of pensions and are resident in Italy, you will likely know that under the double taxation treaty with the UK, in this case, that public sector pensions are only taxed in the UK, for those who are no longer UK resident and are therefore not subjected to taxation in Italy.

However, the above statement implies that if you are an Italian national then this pension would be taxed in Italy. (Taking into account any double taxation credit that would need to be applied). Therefore, Italian tax rates would apply and the pension would not benefit from the application of the UK personal allowance, in Italy, either.

This is clearly important, given BREXIT, and the number of people who were considering or making application for Italian citizenship as a means of resolving the issue of residency. Italian citizenship would define you as an Italian national and tax would apply to a UK public service pension.

DOUBLE TAXATION TREATY
Without wanting to take the words of a website as hard evidence, I did some more foraging and can confirm the words of the double taxation treaty (UK/Italy) as follows:

(2) (a) Any pension paid by, or out of funds created by, a Contracting State or a political or an administrative subdivision or a local authority thereof to any individual in respect of services rendered to that State or subdivision or local authority thereof shall be taxable only in that State.

(b) Notwithstanding the provisions of sub-paragraph (2)(a) of this Article, such pension shall be taxable only in the other Contracting State if the individual is a national of and a resident of that State.

THE BREXIT PROBLEM JUST KEEPS GETTING BIGGER
So, here we have another BREXIT problem which has now arisen as part of further investigation. I would suggest that Italian citizenship, for those with UK civil service pensions, needs to be thought out carefully and planned financially, before any action is taken.

Italy – Thinking about taxes?

By Gareth Horsfall - Topics: Banking, BREXIT, EU Select committee, Italy, Tax
This article is published on: 14th February 2017

14.02.17

Tax in Italy can seem complicated but with careful financial planning it needn’t be.

A summary

As a fiscally resident individual in Italy you are subject to taxation on your worldwide income (from employment, pensions or investments), assets, realised capital gains and the capital itself.  The rates depend on the types of income you generate and which assets you hold.  This means you are required to declare all your financial affairs no matter where they might be located or generated in the world.

Tax on Income

If you are in receipt of a pension income and it is being paid from a private pension or occupational pension provider overseas or you are in receipt of a state pension then that income has to be declared on your Italian tax return.  Certain exemptions apply for Government service pensions.

It is a similar picture for income generated from employment. This is a slightly more complicated issue that depends on many factors. If you have any questions in this area you can contact Gareth Horsfall on gareth.horsfall@spectrum-ifa.com

Investment income and capital gains

Interest from savings, income from investments in the form of dividends and other non-earned income payments are taxed at a flat percentage rate.  The same applies to realised capital gains.

Some wealth tax may apply on the value of your investments each year as well.  This is charged on the capital value as at the 31st December each year

Property Overseas

Property which is located overseas is taxed in 2 ways. Firstly, there is the tax on the income itself and, secondly, a tax on the value of the property.

1. The income from property overseas.

Overseas net property income (after allowable expenses) is added to your other income for the year and taxed at your highest rate of income tax in Italy.

2. The other tax is on the value of the property itself.  

The value on which this is calculated is the equivalent of the Italian cadastral value of the overseas property.   The value, on which the tax is charged, depends on whether the property is located inside the EU or not.   A credit may be applicable depending on where your property is located.

Taxes on Assets

1. Banks accounts and deposits 

A fixed charge is applied, per annum, per bank account, held overseas.  Minimum balances apply.

2. Other financial assets

The wealth tax on other foreign-owned assets (IVAFE), covers shares, bonds, funds, cryptocurrencies, gold, art or other portfolio assets  that you may hold. The tax is charged on the value as of 31st December each year.

Placing your assets in a suitably compliant Italian investment structure can help reduce taxes and adminstrative burden and aid in your financial planning in Italy.

You might pay more than you need to?

This is a general list of the taxes that could affect you when resident in Italy.  If you haven’t conducted a financial planning exercise before moving to or since moving to Italy, you could be paying more than you need to.  Our experience is that most people are.

We can, in most cases, identify a number of financial planning opportunities for individuals looking to move to, or already living in Italy, to protect, reduce, and avoid certain taxes.

Theresa May addresses Brexit

By Chris Burke - Topics: BREXIT, spain, Theresa May, Uncategorised, United Kingdom
This article is published on: 25th January 2017

25.01.17

Theresa May, given one of the hardest Prime ministerial assignments perhaps of all time, gave her anticipated speech of the UK’s plans to leave the EU.

Why was it so hard?

When you have a referendum vote decided by only 2%, you have almost two equal sides to please. Those who voted to leave the EU, and those who were against it. Rather than alienate them and make them feel bad that the UK is going to leave the EU, like any good leader she had to try and get them feeling positive that, although they didn’t want it, perhaps there is lots to feel optimistic about leaving the Euro. A tough job in anyone’s book.

What did she say?

It was more of a case of what she didn’t say. Like a poker player, there was no way Theresa was going to give away to the other ‘Players’ what cards she was holding, how she was going to play them and perhaps most importantly which were her ‘Trump’ cards. What she did though was tell everyone what Britain was and wasn’t going to accept and how it would be done.

What information did she give away?

She will not settle for a bad deal for Britain, and she is prepared to walk away from the negotiations if she feels the deal is not right for the UK. Indication was also given that any agreement that was reached would be voted on by UK Parliament. She also confirmed that Britain will leave the EU’s single market – despite backing membership less than a year ago – to regain control of immigration policy and said she wants to renegotiate the UK’s customs agreement and seek a transition period to phase in changes. Her 12 point plan which starts with confirming leaving the EU and ending in a smooth, orderly Brexit, had recollections of a speech Hugh Grant gave in the film shown at every Christmas, ‘Love Actually’. It was very strong, very direct with clarity and highlighting the fact that Britain will not be bullied or pushed around. It is perhaps a strange comparison but it was arousing, just like the film, nonetheless.

How did it go down?

In essence very well. Theresa gave an assured, strong performance which the markets reacted to and she made it credible that Britain can still be a ‘Great’ force outside the EU. Whether this is the case has to be seen, but 50% of the reason why people react in life is their perception. And on this evidence, the people’s perception was good. Both from inside the UK and in the EU, most interestingly.

What will happen in 2017?

By John Hayward - Topics: Automatic Exchange of Information, BREXIT, Estate Planning, QROPS, spain, Tax, tax tips
This article is published on: 23rd January 2017

23.01.17

There cannot be many people who were able to answer this question accurately in 2016. There were many “shocks” most notably the Brexit vote and the election of Donald Trump as President of the USA. There were several celebrities who died in 2016 but, more importantly, we may have lost loved ones which had financial implications, aside from the grief.

There are many events already planned for 2017 but I suggest that in December our conversations will focus on aspects that are not already known by the vast majority of people.

How do we cope with the unknown?
Our role, at The Spectrum IFA Group, is to help people cope with all things financial. With interest rates at such a low level, banks have little to offer, especially to the cautious investor. In fact, Spanish banks have an additional problem since the European Court of Justice ruling in December. They could face billions of euros in refunds due to inequitable “floor clauses” they had in their mortgage agreements.

Here are some of the ways we help:-

Improved exchange rates – banks may not charge for currency exchange but often offer poor rates. We can help you protect your income today as well your capital in the future.

Higher income/returns on investments – Whether a cautious or speculative investor, we have access to some of the top investment companies. With their expertise, they are able to make financial decisions prior to an event. Most people will react to an event when it is too late.

Tax friendly and compliant investments – We specialise in providing access to products that are tax efficient in the country of tax residence and which are portable within the European Union. This means an investment, whether this is a personal arrangement or a QROPS/ROPS (Overseas pension scheme), is tax efficient wherever the policyholder lives.

Registered and regulated in Spain – With the upcoming Brexit, it is possible that companies, who are not registered in Spain, or in other EU countries, will not be able to function. The Spectrum IFA Group has a Spanish company that holds a licence in Spain. Once the UK leaves the EU, companies based in the UK and Gibraltar may no longer be able to operate and service their clients in Spain.

Back to the question. We deal with the unknown by being prepared. This generally means applying caution and care. It means having access to experts who can react much quicker to events, if not predict them. We live where you live and so, if something needs dealing with urgently, we are available

Residency rights in Brexit negotiations examined

By Spectrum-IFA - Topics: BREXIT, EU Select committee, europe-news, Exiting The EU Select Committee, Italy, Spectrum-IFA Group, The Exiting the European Union Committee, Uncategorised, United Kingdom
This article is published on: 19th January 2017

19.01.17

Yesterday on 18th January The Exiting the European Union Committee met in the ‘Boothroyd Room’, Portcullis House, London. The committee looks at the rights of EU citizens living in the UK and UK nationals living in EU member states as part of the negotiations for exiting the EU.

Witnesses in attendance included Gareth Horsfall from The Spectrum IFA Group, representing Expats living in Italy.

The Purpose of the session

The questioning focuses on the terms of reference for the inquiry, in addition to:
The concerns of EU citizens currently living in the UK, and UK nationals currently living in the EU
What approach the UK Government should take in the negotiations to safeguard the rights of both EU nationals in the UK and UK nationals resident in the EU
The process for identifying and clarifying the status of EU nationals in the UK

Witnesses in attendance

  • Nicolas Hatton, Founding Co-chair, the3million
  • Anne-Laure Donskoy, Co-chair, the 3million
  • Barbara Drozdowicz, Chief Executive Officer, East European Resource Centre
  • Florina Tudose, Information and Outreach Coordinator, East European Resource Centre
  • Debbie Williams, British citizen resident of Belgium
  • Gareth Horsfall, British citizen resident of Italy (The Spectrum IFA Group)
  • Sue Wilson, British citizen resident of Spain
  • Christopher Chantrey, British citizen resident of France

The session was broadcast on Wednesday 18 January 2017, from the Boothroyd Room, Portcullis House.
The recording can be viewed here

A full commentary from the session can be viewed on the Guardian Newspapers website here

Investing in turbulent times

By Sue Regan - Topics: BREXIT, Elections, sterling, Uncategorised
This article is published on: 12th January 2017

12.01.17

In the words of Bob Dylan….The Times They Are a-Changin’

Well, 2016 certainly saw its fair share of change on a global scale, both politically and economically. A few notable events in the year’s calendar being:

  • A slump in Chinese economic growth and heavy selling-off of stock causing its stock market to close for 3 days in January and wider global market turbulence
  • The oil price crash early in the year which, although a welcome bonus at the petrol pumps, had a largely negative effect on the global economy which now relies far more on emerging economies that are oil and commodity rich than it did 15 or 25 years ago – the last periods of ultra low oil prices
  • Interest rates are at an all time low and could go even lower, even though inflation is on the up. Whilst this is a good thing if you are a borrower, it’s not good news for savers
  • BREXIT – as well as the political chaos left in its wake the vote to leave the EU sent sterling into a downward spiral taking it to its lowest level against the US dollar in over 30 years. Although the UK stock market rallied initially because UK exports looked cheap, and the fall of the pound against the Euro has been a little softer, it has dramatically reduced the income for anyone transferring their pensions from sterling to euros
  • Donald Trump’s victory in the US presidential election took most by surprise, but the president-elect continues to defy expectations. Contrary to the predictions of many experts, stock markets have rallied strongly since his victory, with the three major US indices reaching record highs while the dollar has soared. What effect this will have on the longer term outlook for the US and the rest of the world is yet to be seen but a hike in US interest rates now seems very likely

Sometimes change is positive and sometimes it is negative. When things appear to be bad it is often tempting to allow emotion to intervene and bad investment decisions can be made. To say that the future is uncertain is an understatement, but when is the future ever certain? As the old adage goes “the only things certain in life are death and taxes”. During times of increased uncertainty, it feels “safe” to leave your hard earned cash to sit in a bank account where it won’t be affected by market falls and “at least it will earn a bit of interest” – and that is very often the case BUT that isn’t to say that it won’t lose any value. With interest rates at an all time low and inflation on the rise you don’t need to be a mathematician to work out that if the rate of inflation is higher than the rate of interest your cash is earning then the real value of your capital is falling, not to mention the Income tax payable on savings interest. The thing most investors want above all else is to grow their capital.

Market timing is difficult at best – even the professionals can get it wrong. Every market cycle has days when it rises and days when it falls, known as market volatility. The herd instinct as well as our emotions can sometimes lead us to buy when markets are on the rise or, as is often the case, when they are at a peak, and sell when they are low. Often a few good days account for a large part of the total return on an investment but trying to predict when these days will be is virtually impossible. By staying in the market you ensure that your investments will benefit from the good days.

The key to reducing market volatility is diversification. Although it does not guarantee against loss, diversification is the most important component to achieving your long-term financial goals whilst minimising risk. A well diversified portfolio will include investments across a broad range of asset classes (e.g. cash, bonds, property and equities) and investing in several different industries; sectors; geographical regions; and incorporating different fund managers.

Good portfolio managers will monitor and analyse closely the changes and trends going on in all aspects of the investment universe and will find opportunities even when things are generally perceived to be “bad”. Choosing the right fund manager(s) to manage your money is crucial. Although The Spectrum IFA Group is completely independent and is free to recommend any and all investment providers out there – we don’t. We place huge importance on our rigorous selection process before adding a fund to our Preferred Funds List, considering such things as the strength and security of the fund house; its regulatory environment; the experience and track record of the fund manager(s); the team and resources available; the investment process and the fund mandate. After undertaking the detailed selection process our specialist Investment Committee put together a comprehensive list of funds and investments to suit different risk profiles, time horizons and financial objectives.

Financial Review

It is at times like this that people need financial advice more than ever. If you would like to have a confidential discussion about your situation, or any other aspect of retirement or inheritance planning, you can contact me by e-mail at sue.regan@spectrum-ifa.com or by telephone on 04 67 24 90 95 to make an appointment. We adopt a highly-personalised approach to expat financial planning. We are here for the long term, and will continue to guide you through all types of financial issues. The Spectrum IFA Group advisers do not charge any fees directly to clients for their time or for advice given, as can be seen from our Client Charter at www.spectrum-ifa.com/spectrum-ifa-client-charter/

The Spectrum IFA Group representing Expats in the ‘Exiting the EU Select Committee’

By Gareth Horsfall - Topics: BREXIT, EU Select committee, europe-news, Italy, Spectrum-IFA Group, Uncategorised
This article is published on: 2nd January 2017

02.01.17

Gareth Horsfall from The Spectrum IFA Group in Rome, Italy, will be one of four UK citizens living in the EU who will be representing us at the House of Commons, Westminster, in the ‘Exiting the EU Select committee’, which will be broadcast live on the BBC Parliament and also streamed live over the internet on January 18th between 9am and 12pm. GMT

What is this?

The ‘UK Exiting the EU Committee’ (consisting of 20 MP’s) is appointed by the House of Commons to examine the expenditure, administration and policy of the Department for Exiting the European Union and matters falling within the responsibilities of associated public bodies.

Why have I been considered as a witness?

I have been involved with a few people in Italy who have been taking a very active part in working behind the scenes to try and safeguard our present rights as UK citizens residing in Europe.  A couple of these people thought that because of my particular situation: Italian wife, Italian child, providing financial advice to, mostly, British people living in Italy, being the legal representative of an Italian Ltd company and passporting my UK qualifications into Italy on an equivalence basis, that I might be a good candidate to sit before the select committee and explain the problems that I will face when the UK exits from the EU. I agreed!

It is also an opportunity to explain some of the problems that you will also be facing.

This will be quite an experience and an opportunity for me at the same time. I would be lying if I said it wasn’t a little overwhelming. However, there are human and economic rights that I feel we must make an effort to try and retain as part of the UK divorce from the EU. On that basis I was willing to put myself forward.

So with this in mind, I would invite you to write to me at gareth.horsfall@spectrum-ifa.com and let me know what your worries are about the UK’s exit from the EU. I will read everything before I leave next Tuesday (I may not get chance to reply to everyone, but thank you in advance for any views/opinions you have) and I will use whatever information I can to present a strong case for everyone in Italy and all other British citizens living in Europe.

Time to Unite……

….and Wish me luck!