Import inflation
79% of UK supermarket stock is imported from the EU, and with no evidence of a deal,
this could result in your food shop bill being a lot more than expected. This will be due to an increase in import taxes, as well as transport delays due to the lack of relationship with the European Union. A representative from the Bank of England has projected that at its worst UK citizens could face a 10% rise on their weekly shop. This may have a negative effect on your financial situation, as your outgoings may rise significantly.
Delayed deals
Without a deal with the EU, it will take the UK a long time to organize deals with other countries, including those in Europe, the USA and elsewhere. The government will also have re-negotiate terms with the European Union, which many believe will be challenging to navigate after the past few years of declined proposals which have caused multiple setbacks for the UK. The EU27 has expressed its refusal to negotiate until the UK government comes to an agreement regarding capital, the Irish border and the citizen’s rights which is why a no-deal is on the table.
Lower property prices
Discussions surrounding the state of the property market in the event of a no-deal Brexit show a decline in house prices, which could drop by 6.2%. While this isn’t great news for some, it can actually benefit investors who are looking to capitalize on areas that were previously out of their price range. Despite the negative projections, property investments experts RW Invest are still positive that their developments can offer investors a successful future, especially when property prices shoot up once Brexit has blown over.
Mobile phone charges
Currently, roaming charges do not exist in the European Union, although many people remember the days when the first thing you would do when stepping off a plane was to switch your data roaming off. This hasn’t been the case since June 2017, when it was
announced that any European Citizen traveling in any of the EU countries could phone,
text or go online without paying extortionate roaming charges. After Brexit, these conditions will most likely change, as EU mobile phone operators will be allowed to charge UK customers for roaming charges when visiting Europe. This is not the case with EE, 3, Vodafone, and 02 who have no plans to change their current terms for UK
citizens.
