Leaving the EU: What Does It Mean For Average Families?

On June 23rd 2016 Britain voted to leave the European Union. This news shocked not only Europe but the world as well. Many were stunned over the results, with 51.9% of the residents voting to leave and 48.1% voted to remain.

  • England voted for Brexit, by 53.4% to 46.6%.
  • Wales also voted for Brexit by 52.5% to  47.5%.

Scotland and Northern Ireland both backed staying in the EU.

  • Scotland backed Remain by 62% to 38%.
  • Northern Ireland voted Remain by 55.8% to 44.2%.

Many experts and pro-remainers have predicted that it is going to have a significant impact on the government and businesses. But what about for average families, what will be its implications? Keep on reading and we will explore some of the possible consequences of the outcome of the referendum.

Current Prime Minister Theresa May has finally invoked Article 50 of the Lisbon Treaty.  It is an agreement signed up to by all 28 EU states and became law in 2009. Before that treaty, there was no formal mechanism for a country to leave the EU.The two year countdown to formally leave the EU now begins. The UK government and EU negotiators will now carve out the terms of the UK’s exit.

Increase your Weekly Budget

One of the major implications of leaving the EU is the increase in prices of consumer goods, and it is the average families that will be hit the most. Imported food and clothes will be amongst the ones to experience a surge in prices. In fact, the International Monetary Fund has already warned everyone about the potential outcome of the votes, noting that if Britons chose to leave, they are going to be considerably poorer within just one year.

Lack of Job Stability

Average families in the UK are earning through employment and not through profitable businesses. With the exit from the EU, job instability is anticipated. In fact according to Labour, in Wales alone, almost 200,000 jobs can be affected as they rely on trade with other EU member countries. The economic condition in Britain will also be less favourable, and hence, this could lower job opportunities. Toyota and J.P. Morgan have earlier warned that they will possibly reduce their operation in UK in the event that they choose to leave the EU.

More Job Opportunities

This is a contradiction to the earlier mentioned. However, there are also many who argue that Brexit could lead into more opportunities for locals. In the past, EU nationals can enter UK freely and work there. This leads into a shortage of jobs for the British people. With the historic vote, it is anticipated that the locals will be prioritised and hence, they can find better employment opportunities in their own country. Those who want to work in other EU countries, on the other hand, may find it harder to look for a new job.

More Expensive Holidays

Average families can find it hard to sustain their travel. With Brexit, the prices of holidays could go up, which will make it more of a luxury that is hard to afford for most families. It is anticipated that airfare will go up, especially as the referendum will affect the open skies agreement. Even prices of hotels could also increase as tourism can be negatively affected.

Author: Asian Mums Network Blogger 

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