MoneySaving Poll: How does the prospect of Brexit make you feel about your finances?

Former_MSE_Sam_M

Poll started 4 October 2016

How does the prospect of Brexit make you feel about your finances?

Three months ago we asked how you felt about your finances after the UK voted to leave the European Union.

This week Theresa May confirmed we'll start the process by the end of March 2017.

So we're asking you again: how does the prospect of Brexit make you feel about your finances?

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.

If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.

Thanks!


[purplesignup][/purplesignup]

Senseicads

I'd be interesting in knowing what those that voted for brexit actually voted for, which is why I am not as optimistic about the future. I don't know what the future holds even now in terms of trade deals/immigration/anything, so I am certain that those that voted for brexit didn't when they voted either.


I simply don't understand any view point that says "to regain our independence/take back control" or "to prevent uncontrolled migration". The government(both labour and tory) had/has all the necessary controls it needs to protect us and it is their inaction not Europe's that damages us.


I am very scared that we are not going to prosper as we should be, and that we will be dealing with Europe as a second class country in the future.

happyinflorida

I don't understand why the euro or dollar has gone so high for so long and why the £ is still extremely low - maybe for 2 weeks or so after the vote but this long? Seems a bit strange as everything is still the same as before so I'm wondering what the financial companies and banks are up to - is this all part of a plan? They are corrupt to the core, so it wouldn't surprise me. I always wondered why IDS was on the side of Brexit when his family were receiving £millions every year from the EU?

Nick_C

The only major impact that Brexit will have on my finances is that I'm considering cancelled my holiday to the US planned for next year.

On a personal level, while I expect inflation will increase as a result of Brexit, I think that is something I can accommodate by changing spending patterns.

On a national level, I think the fall in the value of the pound is good for the country and good for business. Our exports will be cheaper, imports will be more expensive, it will help to reduce the trade deficit.

Being outside the single market on trading on WTO tariffs will hurt the EU more than it will hurt us. We will be a net beneficiary. I would like the Govt to pay the import tariffs for our companies who export to the EU, using the money we receive from our own import tariffs on EU goods. We would still have a net surplus.

OAPM

As a regular traveler through Europe for the last 20 years, and seen how our European neighbors deal with the EU, I have always been amazed at the way our weak governments (any and all colours) action so called EU requirements and blame the EU for all our ills. It is going to be interesting to see what excuse the governments will use, once (or if) Teresa May takes us out of the EU.

The Brexit vote has already affected our finances in a major way, which can and will, only get worse, with companies pulling out of the UK. As an example and what has never been reported in the UK press, is the fact, France is pushing for for the financial hub to be moved from London to a French city on the basis London would not be in the EU.

A lot of comments were made about excessive immigration and the UK would be able to control it. What total rubbish. The major part of the the large immigration figure put out by the government, were non Europeans, for which we could have stopped/checked as they did not come under the free movement criteria. But no attempt was made, so why should we believe the government will in the future ?

Further, the European immigration figures could have been checked as the French do by using delaying tactics.

This brings me back to my first comments, regarding our weak governments and total lack of back bone. i.e If one is in a club, that has a great many benefits, but does not like the way it is run, one does not throw ones dummies out of the pram and leave, but stands up and does something about it.

Nick_C

OAPM wrote: »

As an example and what has never been reported in the UK press, is the fact, France is pushing for for the financial hub to be moved from London to a French city on the basis London would not be in the EU.

Widely reported in the UK press;

https://www.theguardian.com/world/2016/jul/06/france-strong-bid-banking-business-poised-to-leave-london-paris-brexit-manuel-valls

https://www.ft.com/content/e0a5af3a-3ddd-11e6-8716-a4a71e8140b0

http://www.telegraph.co.uk/news/2016/07/02/paris-opens-doors-to-city-of-london-businesses-looking-to-reloca/

I think if Financial Service Companies relocate, they will be more likely to go to Ireland. English is the default international language, and Ireland has low corporation tax.

FedUpWithHikes

I don't think that leaving the EU will affect me anything like as much as the Tories have every year since 2010 (and could continue for another decade)! Letting energy companies double our bills to save tax for the rich (and hit non-tax payers & those "taken out of tax"), and printing & throwing ££bn at the banks (QE) has devalued the GBP. I voted Leave because the BBC did a great job of showing us lots of people on the EU gravy train, pleading for the status quo and how much they stood to lose - but we're paying for that, so the more they lose, the better we will be! Politicians on both sides lied, but that's nothing new. Nobody could predict what 'deal' we'll get, so the (rich) INs complained about how much they could lose, and the Leave side used the £350m figure to get media coverage, and talked about immigration. I hope the bank gamblers who caused the crash do leave the UK, before the next crash - as long as we get the bail-out money back, with interest! They should have had their bonuses reclaimed and be relieved they're not in jail! Let them find another EU country prepared to reward them for fraud! The "financial industry" is just a casino, where our savings and pensions are gambled, and they keep "winnings" while losses are passed on to us - but every 'win' is someone else's loss (also our money), so we always lose! I'm not saying Labour has the answers, either; but until we scrap FPTP, they are the only hope for change. (voters can only choose between bad or worse!).
I have been holidaying in EU countries for 5 years, and expect to continue. I may even move there, one day.

Gnocchi

Sticking to the original question..

Husband got Card Protection Insurance money back, we're doing some for PPI at the moment. Cross fingers we get enough to pay credit card off.

Husband also whined abt credit card and he may get some charges back as they admitted wrong.

At the end of the month he'll get a £2000 early pension lump sum from one he started in 20s and didn't carry on with, to clear overdraft.

He may take another small one to do up kitchen and bathroom. That way if it gets really bad we can put it up for sale/auction pay off mortgage and leave UK.

We lliterally just finished paying off a £10k loan taken out 10 years ago last month so we're £300 a month better off now.

£100 per month will got into a euro savings account in France.

I lost £8000 off my pension in 2008 crash. Can't take anything out for years but can transfer it to France if pension meets HMRC requirements. Husband is looking into it too for others of his.

I've been watching GBP and even though it has rallied a bit at times, overall it's still a lot lower than before referendum.

I don't regard May, Boris etc as competent nor Corbyn nor Farron. I don't like the chucking out doctors stuff either.

So without debts, with savings going into euros, with pensions transferred. we can stay or go.

Jnelhams

Leaving the EU was never going to be easy, I don't recall the Leave campaign ever saying it would. Outside of the EU we will have far more control of economic policy, our currency has been effectively devalued by all the quantitative easing that the Bank of England carried out, you can not print money without something to back it up with and so all QE did was push us into debt. Now we are leaving the value of the Pound will drop, however exports become cheaper, yes imports are dearer but at some point the economy would have to re-balance, as we are buying more than we sell. It's basic economics, you can only spend more than your salary for a short time, and then you are broke. The UK will now have to look at producing more of what it needs domestically, but equally we can now trade with Africa freely which the EU prevented. Take for example Chocolate to protect EU producers like Nestle, producers like Kenya can only sell Cocoa beans and not process them and then sell to the EU, meaning that Kenyan farmers get a poor price, we will no longer be hindered by such rules.

After the second world war, Britain was devastated economically, and unlike Germany which received aid from the USA we had to re-build the country and prior to the joining of the EEC we achieved a hell of a lot, including a National Health Service in 1948.

It is therefore very sad, that so many people seem to have this concept that we have no skills, no industry, no hope when we have always had such capabilities and still do, what's more with freedom to once again trade with our friends in New Zealand, Canada, Australia and Africa we can be successful, there are good reasons why China spends vast sums investing in Africa, but China wants to exploit Africa, we've been there in our past, but now we can offer skills and fair trade.

We should be outward looking in trade and industry, but that doesn't mean we have to be the fixer of the world's ill's. Why do we fight wars in the Middle East, and why do we look to house the worlds refugees, when virtually no assistance has come from far richer countries than ours. If we traded more freely, unlike the EU with poor countries, they would not be trapped in downward spirals of anarchy and war because the people have been conned with the false hope of a better land by the first nut job with a gun.

indesisiv

THe brexit hasn't really changed how I see my finances .. I have been trying to clear all debt for the last year or 2 and will continue to do that whilst I have a job. Simple.