What’s Going to Happen to My Money After Brexit?

After three years and many historical changes in the United Kingdom, Brexit, love it or loathe it, is happening this Friday. 
Many peoples’ opinion on Brexit has been governed by what they believe will happen to their money after the 31st January. Just over a third of people believe they will be worse off post-Brexit, according to research by Royal London. 
 
So what will happen?

We are heading now for an 11 month transition period which means that over that period of time, the Prime Minister will be negotiating the deal that will lead to our full departure from the EU at the end of the year.  In this time British consumers will still be protected under the current EU consumer rights, the rules that apply will remain the same during the negotiation period.  So, potentially, not too much will happen over the next 11 months unless the UK and the EU can conclude the deal prior to that, which is thought unlikely. Brexit

However, with negotiations taking place, that can often lead to uncertainty so we would recommend that you be prepared for a bumpy road throughout the negotiations.

Now is a good time to learn to budget, pay down any debt and build a savings plan so that your finances are braced for whatever the next few months have in store – good or bad.

Click here to download your free Personal Budgeting tool.