SNP could turn out to be the kingmakers
Stella Mitchell-Voisin, Managing Director at Summit Trust Group, gives her opinion about the UK election campaign.
How do you think the election campaign may affect how London is perceived by WM clients?
Interestingly we have had a couple of clients holding off on investment and property (both sale and purchase side) transactions until the election dust has settled. What it actually does for their perception of London in short term is that it seems to be perceived as an unsettled environment and is resulting in decisions being pushed out a bit.
Are you noticing any clients being affected already?
Yes, particularly clients waiting before undertaking or deciding upon property transactions. Some clients too are actively thinking about ‘where next’. I think many assume that the benefits afforded to the ‘non-dom’ will continue to be eroded regardless of who wins. But if it happens to be Labour, the erosion will be rather quicker, so people are actively considering alternatives.
What do you think about the Crown dependencies being brought into the political debate about Wealth?
They have an important view on the UK wealthy sector. Many of the UK resident wealthy structure through the CI, the CI without income from the UHNW sector would need to be funded elsewhere. Many UK banks and businesses have successful CI arms and offices, and frankly debates are always healthier and more rounded when a wider audience is included.
What do you think will be the result?
Well, I am hoping for a Conservative majority, but unfortunately there are 5 or 6 perfectly possible scenarios, and much as I would like to feel confident that DC will be back at the helm and the Conservatives will gain a huge lead, that may well not be the case on the day.
What risk and upside do you see?
SNP could turn out to be the kingmakers, then we would be at their whim as to who they would form a government with. That is perfectly possible with the SNP doing very well in the Scottish polls which might just be enough to give them the final negotiations on a coalition.
Do you agree it is a foregone Conservative conclusion?