“Business as usual” was the message coming from the council’s finance department after the UK voted to leave the European Union.
At a meeting of the council’s pension fund committee this afternoon councillor Gary Cleaver asked executive manager of finance Jonathan Belford what implications Brexit may have on the pension fund.
Mr Belford noted that despite a “flurry” of information from fund managers it was too early to say.
He said that “the global scale message is business as usual” and that “for the time being … management of our funds is unchanged.”
His assurance to the committee came as the pound hit a 31 year low against the dollar, causing market volatility and leading FTSE 250 companies to suffer an 11 per cent slump in share value.
Mr Belford said that he would continue to monitor the situation, as “more information will add more levels of complexity but also greater levels of understanding.”
The meeting concluded with interim chairman Michael Stout asking Mr Belford to circulate a briefing note to councillors including an analysis of the commentary.