A Look at the Effects of Brexit
The British pound has dropped since Brexit and some people are still unsure of what to expect. What will happen to the property market? What good does this decision bring? According to reports, the aftermath of Britain’s significant decision did affect the market.
While some investors were forced to pull out negotiations, some banks in Asia have expressed their concerns about potential risks in investments. The United Overseas Bank in Singapore, for one, had already frozen some mortgage loans to acquire properties in London.
What to Expect
Since the devaluation of the British pound and the increasing uncertainty in London and UK following Brexit, some potential buyers from other countries are looking at the situation with high hopes and positive views. They feel that this is an opportune time to invest in London properties and look for bargains. Considering these factors, some investors will resort to renegotiation for lower prices. Also, for those with money to buy, this can be a good thing. However, for other investors, experts advise them to be cautious.
On Products and Services
Now that Britain is not part of the EU, chocolate manufacturers need not have to follow the EU trade deals and requirement that chocolates should contain 30% cocoa. Consequently, there will be less tariff and manufacturing costs which would lower the prices of chocolates made in the UK. As for travelling, it might be expensive now for Britons to travel within Europe while for the Americans, it will be less expensive.
Despite the predictions of the negative effects of Brexit, employment figures are looking up. This period of significant change has also brought about strength in the job market. There are over 2.6 million more people employed than six years ago. Moreover, the number of unemployed was reduced to an all time low and vacancies are opening for job-seekers while wages are increasing as well.
Whether leaving the EU was a good or bad move for Britain, nothing is really certain at this time.