So, it’s happening. Even with a last-minute rebellion from the House of Lords, sometime in the new few weeks (no one is being too specific on the date; but it could be imminent), Article 50 will be triggered. The UK will begin the process of leaving the European Union.
No matter what your political opinion on the subject, there’s no doubt it’s going to have a big impact on everyone in the country. If you’re worried about the impact on your finances, then you might have reason to be – or everything might work out okay. The key point is that no one really knows. So to try and allay some of those fears, let’s crack on.
The Threats Pre-Brexit Might Not Come To Pass
The Leave side of the campaign dubbed it “Project Fear”; others said it was simple statement of fact. Some of the predictions of what would happen to the UK – both in terms of businesses and impacts on personal households – outside of the EU were terrifying indeed: imminent recession, a threat to trade, an isolationist policy and a massive financial risk for the country.
But it might not happen. In fact, it’s unlikely. It played into the hands of the Remain campaign to talk about the worst-case scenario (and to an extent, they had to – that was their role). But the government and Bank of England will take steps to mitigate the damage where necessary – they’re not going to sit back and let things spiral out of control. Brexit is happening; everyone has to manage it.
The Process Is A Long One
If you are worried about the imminent impact on your life, then don’t – Article 50 is only the starting bell for negotiations to leave the EU. The full process takes up to two years. So don’t panic yet.
However, do use this interim period to shore up your finances. Savings are always a good idea, but look at your utilities, your insurance. Analyse every single monthly outgoing from the mundane like your Netflix package through fuels like red diesel and right up to how the industry you work in might be affected. The latter are mentioned as a pertinent point: you might worry about your personal finances, but businesses stand to be impacted too – so don’t ignore them from your thinking.
Play a long game of “what if…?” and then see if you can take action to calm some of the concerns you identify. No stone should be left unturned.
As a general rule, keep your options open, save where you can, and follow political developments.
No One Wants To See The UK Collapse
Okay, so there might be the occasional bellicose thundering from an EU member state about how the UK’s future doesn’t concern them – but it’s not reality. The UK doesn’t want to flounder and the EU, ultimately, doesn’t either. We’re still going to be a huge trading partner and an important player on the global scene. So if you feel the fear rise, remember that it’s in everyone’s best interests to get through this with the best deal possible.
In essence: it’s scary, but with pre-planning and a cool head, you’re going to be okay.