MoneySaving Poll: How does the Brexit result make you feel financially?

Former_MSE_Sam_M

Poll started 27 June 2016

How does the Brexit result make you feel financially?

The UK voted to leave the European Union last Thursday. While nothing has changed yet, except the knowledge that it will, how does the result make you feel about your finances?

(For guidance see Martin’s Brexit Q&A).

Click here to vote in the poll

Did you vote? Are you surprised at the results so far? Have your say below. To see the results from last time, click here.

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Thanks!


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ziggy2004

Petrified, as someone from an EU country I was unable to vote. The drop in the pound has the potential to lead to the loss of my job. Living in an area with very few jobs that is not a position I want to be in.

HappyMJ

ziggy2004 wrote: »

Petrified, as someone from an EU country I was unable to vote. The drop in the pound has the potential to lead to the loss of my job. Living in an area with very few jobs that is not a position I want to be in.

The drop in the pound has made out exports more attractive.

To someone buying in foreign currency our exports are cheaper whilst imports become more expensive.

That can lead to more employment in the UK which should be a positive factor.

I'm looking forward to the changes. Whether they'll be as I want them to be is another thing but we should all be much better off.

Last week my pound was worth £1. Today my pound is still worth £1. I can buy less imported goods with that pound so may change my buying habits to buy home grown produce instead.

ziggy2004

apart from that the business I work for needs to buy in from outside the UK as homegrown is not an option.

I remain hopeful that it will be ok in the long run yet at the moment I would like to see what actually happens first.

DigForVictory

Distinctly underdressed. Before, I felt I had the funds to travel & hit the beach, consider retirement dreams & encourage my sons in all their academic hopes.

Now, with things distinctly uncertain, I do not feel I can afford a holiday abroad, retirement has stopped being a topic for discussion & I bite back on whimpering at what the future holds for my children & hoped for grandchildren.

If someone credible would please come up with a plan, I could relax a bit as I currently feel as if I am trying to cover the essentials with a single pound coin & not the former all enveloping tenner.

Wizard_of_Id

I feel quite optimistic for the future of the country.


The current dip in the stock market and the value of the pound is simply down to the speculators in London betting on the wrong result, they were led to beleive that Remain would win as that was what all of the London polls told them and faced with a fifty-fifty choice, they picked the wrong horse.
It will take time to recover from that loss, but most of them are good at what they do (most of the time) so the recovery won't be far away, they will not want the losses to mount up to a point they stop making a profit, flash cars are not falling in price and they need to keep showing off.


It is funny when you think about it, it was the Remain supporters that caused the crash in the markets.

StevieJ

I think older people may get a shock when they check their dwindling pension statements values, with the follow up blow of high inflation

HappyMJ

StevieJ wrote: »

I think older people may get a shock when they check their dwindling pension statements values, with the follow up blow of high inflation

If their pensions have been invested in worldwide assets some of which denominated in foreign currency then their value in GBP increases.

A $10,000 package of shares in USD was last Thursday worth around £6,700 GBP and now a $10,000 package of shares would today be worth £7,600 GBP.

A pension funds invests in stocks throughout the world in many different currencies so not all of a pension is invested in UK GBP stocks.

If the pound keeps falling their share value keeps increasing.

If the pension fund has started reallocating the funds into safer UK bonds then they are still worth what they started at.

It'll all settle down soon and we can start negotiating our own trade agreements with the world without having to rely on the EU to do it for us.

Australia, Canada and NZ are looking forward to negotiating with the UK instead of the EU so I am seeing a bright future ahead.

If we can grow 6% in the EU which only grew by 2% imagine how much further we could grow without being dragged down by EU bureaucracy. The EU's figure of 2% included our 6% contribution. We're a strong country and can succeed if people work at it.

Adolf_Farage

Some of the responses from people who voted out displays a terrifying lack of understanding about basic economic principles and markets.

E.g. Won't this be wonderful for the exporters!! - we will soon be selling wine to the French and cars to the Germans because we'll be able to produce things so much cheaper with the weak pound. Just think about this a minute and you will realise how ridiculous this argument is.

Will we be able to compete on price with China/ India when it comes to manufactured goods? Not unless you want some serious cuts to the minimum wage! And how many people drink Indian wine or drive Chinese cars? Mature/established global manufacturing brands will not spring up in Britain overnight.

Or the classic - oh look at the markets, it's just a blip. Everything will be rosy soon. Really???
Markets do over-react sometimes of course, but they are a lot like the bookies, they aren't going to back a loser. The reason you get great odds on Wales winning the European cup is because few bookmakers think they will - Wales could win it of course, and equally our economy could turn out fine. However, lots of very educated, intelligent people across the globe who have spent their lives studying these things and think it's very unlikely are putting their money where their mouth is. What does that tell you??

I don't want to be a scaremonger, there was enough of that during the campaigns, but I wish people would stop burying their heads in the sand. Things will be very hard for the next few years, not least because of the uncertainty, and everyone will suffer. I genuinely hope the future turns out as the land of rainbows and happy smiling unicorns that Farage and Boris promised, but for the time being lets face up to the facts and the reality.

Toni1950

I am a U.K. Pensioner living in the EU relying on my pension . I have already seen a big drop in the value of the pound against the euro and am desperately worried I will not be able to afford to pay my bills. Not everyone who lives abroad is made of money.

jackieblack

I have no doubt that things will be unsettled for a while. But the quicker that everyone stops whining about what a terrible decision it was, accepts that living in a democracy means that sometimes things don't go the way you want it to, and gets on with making the best of it, the better off everyone will be

Constant doom and gloom mongering has a habit of becoming a self fulling prophecy.