The decision to leave the European Union and become a standalone nation with more sovereign policies came as a pleasant surprise to some and a shock to many. Now, after some time has passed and the Brexit negotiations are in process, the country is finally waking up to the fact that it won’t be an easy road for them.
We will lose access to the EU single market and there will be some conflicts over citizenship as well. Several companies will now be moving away from the UK, being uncertain about our economic policies. This is not all, agricultural workers who have migrated from countries like Romania for temporary employment in our fields, do not turn up in large numbers now.
It is evident that the uncertainty about jobs, economic policies, relationship with EU and the rest of the world and the cries of independence within the UK will be dominant factors, shaping the way the nation will function in the future. Here is how the most important event in UK will affect your lives.
Prices will rise
Regardless of what the UK does in economic terms, prices are bound to increase. This is because the loss of a single market access will likely make raw material and even labor more expensive. This will reflect in the prices of different commodities. Food prices, especially in restaurants, is expected to increase. Overall, there will be a small but significant rise in prices of all commodities, which were earlier being absorbed successfully due to the large euro zone alliance. Expect inflation in the nation for quite some time.
Job market will change
Several EU companies and organizations will be moving their base away from Europe. This will mean that the jobs market will change drastically. UK will have to host several companies in the country, providing them a slew of benefits to save the jobs market and ensure that unemployment rates stay low. However, there doesn’t seem to be a rise in wages upcoming for at least the next one year, even though inflation would be on the rise. This could put some pressure on your resources.
The pound will drop
The chances of tourism in UK may improve because of the weakening pound sterling but it would also make travelers and international business holders in the UK be at a massive disadvantage. Exports could be on the rise, thanks to the favorable rates of interest but imports will become even costlier, especially in terms of fossil fuel. The nation is already trying to lessen its dependency on fossil fuels, which will help in keeping at least the utility prices low for some time.
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