How will it affect us?

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On the 23rd of June 2016, 51.9 per cent of voters chose to leave the EU. The withdraw from the European union was given the name Brexit, (a portmanteau of the words Britain and exit!) Despite much protesting,

the plan is said to go on. May, Theresa can't really do much, as she can't really hold another vote just because she (and many others) don't like the result. However, if the plan goes on, how will it affect us as individuals who are living in the UK? Who will benefit? Who will miss out?

https://en.m.wikipedia.org/wiki/Brexit

Will prices go up?

"The first to go up will be petrol prices. This is because Sterling (the pound) has dropped significantly against the dollar and is likely (only likely – not definitely) to stay low for a while. As oil is priced in dollars this means that petrol will be more expensive for us to import and that will be reflected at the pumps."

https://www.moneymagpie.com/manage-your-money/how-does-brexit-affect-me

Do I agree with this?

Trading!

Because we would no longer be in the EU, it would be harder for the UK to get supplies in from different counties - one thing the European union has helped us a lot with. So, maybe this web is right, petrol and oil prices might go up because we can't get out hands on supplies from other countries so well. I'm the other hand, Theresa May is making decisions and deals left right and centre... (see below) https://www.bloomberg.com/news/articles/2018-11-14/theresa-may-s-brexit-deal-what-we-know-so-far

...so we don't know if Brexit it will make a massive difference AT ALL! The paragraph above does say something briefly in the other hand, but it only scratches the surface of what the REALITY is.

Either way, how will these decisions affect...

Interest rates!

"As prices are likely to go up, at least in the short-term, that means that the rate of inflation will rise (inflation is the cost of living going up).As prices are likely to go up, at least in the short-term, that means that the rate of inflation will rise (inflation is the cost of living going up).

Usually, when inflation goes up, the way to combat it is to put interest rates up. That’s certainly what was warned of before the Referendum.

However, because the economy is in such turmoil, and is likely to be for a few months to come at least, it’s more likely that the Bank of England will put rates down or keep them as they are. This is because they want to get people and businesses borrowing more.

So this means that it could actually be cheaper to borrow money soon, although it won’t be good for savers, as usual."

Do I agree with this?

It makes sense, that the Bank Of England will put rates down, as BUSINESSES will be wanted to be used more because PRICES ARE HIGHER because of trading. Who knows what could be the future could hold? The prices might go up "at least in The short - term" this person seems very sure if themselves. But could they be considering the other side, that...

...Interest rates will stay permanently lower due to the fact that we will have to be more careful with our money and consider when and how we use it. I don't won't to turn this into a discussion starter on the financial crisis, but just because interest rates may be switching regularly doesn't mean the Bank of England is going to let Brexit take control of the banking system.

Will a holiday be more expensive?

Travelling, may be harder, but will the HOLIDAY be more expensive?

"With the falling pound, if you’re going abroad for your holiday it’s likely that your money won’t go so far, particularly if you’re going to America.

As it happens, at the moment at least, the Euro has dropped as well as Sterling because of what we have done, so the difference between what you can get in the Eurozone now and what you could get before the Referendum isn’t as great as one would expect. It will still be a bit more expensive if you’re going to France or Spain for your holiday but it’s not as bad as it might have been. "

Do I agree?

The airport, may cause us trouble, as at the moment we gossiping last the long queues, but that hardly matters. I have already said of how we have to be careful when and how we spend our money as, logically, most things WOULD be more expensive, just because of the...

  • Practicalities
  • Effort needed
  • Harder to come across

So more expensive holidays would make sense. However, less people making less busy air ports (one problem solved though not in a particularly nice way) and then maybe slightly cheaper destinations in Britain or other places which are receiving fewer Brits.

My opinion over EVERYTHING!!!

I DO think that prices may go up in some places, as like I listed before, our main worry if Britain's exit, is trading. Naturally, that won't come so easily as in the European union we had access to ALL sorts of things that we aren't even close to now. (now meaning when we withdraw)

However, although a bit brutal (and politics ARE brutal) people didn't vote to leave without some good reasons. So those ideas on a quieter Britain (not necessarily a better Britain) may come with advantages of their own.

So...

DONT PANIC!!!

The government are not stupid and will hopefully find a solution. We just need to hope that solution will pop up SOON!

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