Since the historic Brexit vote there’s been gloom in the markets about the economy even though it will take two and a half years from the vote result to see any real change. 17.4 million British voters backed Brexit and the following morning the pound plummeted to its lowest level since 1985. The FTSE 100 index also fell by over 8% when trading began. This is its biggest slump since 2008 although it was recovering slightly by mid-morning. Britain has been left in political turmoil too and many people began to lose faith as British politics turned into something of a pantomime after the vote. But now Theresa May has taken charge, things should start to settle down and decisions can begin to be made.
What does your financial future look like?
Mortgages, pensions, savings, grocery shopping, and prices at the pumps – how much will day-to-day living in the UK cost now that we’ve decided to leave the EU? These are just some of the many concerns being expressed across the country. So how do you feel? Has Brexit sent you into a panic about your financial future or are you taking it all in your stride? and let us know how you think ‘The Brex Factor’ will influence your financial decision making.
Basically, although many predictions are being made about Britain’s future financial landscape, there is a lot of uncertainty. Only time will tell. As the story unfolds our advice would be to give careful consideration to all your financial decisions and only borrow what you are in a position to pay back. Until then, keep an eye on our survey results and keep calm – it’s only Brexit!