Brexit – what does it mean?

BREXIT has been a huge topic throughout the last few years and it is finally happening!!

However, talking about it for the last few Years has not cleared up many questions about what it actually means?

How will Brexit affect us people, global businesses and the economy? Is this actually a good thing or is this going to be the downfall for us?

Brexit for the people

The first thing that comes to our mind when thinking about Brexit is: How will this affect our travel?

Brexit could cause some problems when travelling to other EU countries. The question is how far will these problems go? Will we need a visa to travel to the EU? The truth is that it would probably only affect or travel slightly – meaning limited time in EU country, without a visa or the need to provide return flight details.

Many British citizen are currently living and working in a EU country and they possibly have been for several of years. Will this mean those people have to give up their British citizenship in order to stay in that country? – Or will they simply need a visa to be able to stay?

Brexit for global businesses and the economy

Brexit could have many serious impacts on global businesses thus also affecting the economy such as:

The import and export of goods could be more expensive and more difficult. The UK would now be unable to benefit from the free trade area of the EU, which means transport and taxes will make trading more expensive.

Brexit has also been proven to reduce investment and employment growth in global businesses. This can in fact lead to problem economically.

It could also cause a lower UK productivity growth in the future, since many companies in the UK economy import, export and employ from the EU. These companies tend to be more productive on average. However, Brexit might reduce the output of those companies, this would lead to a lower productivity growth.

Conclusion

Fact is that nobody knows how this will affect us. Brexit is an ongoing discussion and only time will tell if this ends up being the right decision.