Will Brexit Affect Your Household Finances?

Tracey_JohnstonIt’s official, folks. The people of Great Britain have voted to leave the European Union. The Internet has been abuzz with ramblings of how Britain is on the brink of financial collapse. However, one question that everyone’s asking is how Brexit will affect their personal lives. While it may be a little premature to ring the alarm bells, it is important for everyone to realize that their lives are about to change a lot.


Changes in Utility Bills

The first thing that you will see spiking up significantly are utility bills as major financial experts have predicted that the United Kingdom pound is about to decline shortly. This means that to meet the cost of purchase, electricity and gas companies will have to raise their rates, which could lead to a sizable increase in your utility bills. This could be quite troublesome for ordinary people as their salaries and wages won’t be rising anytime soon while the bills will continue to mount. We never like saying this, but you might have to dip into your savings account some point in the future.

Travel Plans

If you’re a person from the United Kingdom who loves traveling and finds great pleasure in visiting new Canadian places like Vancouver BC, we have some bad news for you. The decline in the value of the UK vancouverpound means that your money will buy you less stuff during your travels. You will end up paying more for meals and accommodations in other European countries, not to mention the fact that you will also be required to produce a passport when moving across borders.

The increase in the money required for traveling will be even more troublesome for people who travel thousands of miles to support their football teams. Not only would they have to cough up more money just to travel, but they will also have to spend more to get tickets. Fortunately, most teams have publicly stated that they won’t be raising the price of admission at their ground. However, there are some teams who have remained quiet, which means it would be wiser to expect the worst.

Finding Places to Rent

vancouver-bcEveryone knows that it can be extremely difficult to find places to rent in the United Kingdom. Experts have predicted that this situation is about to get worse once Brexit sets in. This is because many people (of European origin) will have to apply for a housing permit and will be looking for rooms they could rent out. With an increase in demand for rooms, there’s bound to be more hopefuls for fewer rooms, which could result in a hike in the money you have to pay for accommodations. Even when you get a room, there’s no guarantee that you will be able to live there comfortably as someone may be willing to pay more money for your current room.

Conclusion

There’s no two ways about it. The lives of everyone living in the United Kingdom are about to change a lot and it will get more difficult to make both ends meet in the future.