EU Update

16-08-2016

What does Brexit mean for you?

The immediate panic surrounding the EU Referendum result seems to have subsided a little as it becomes clear that, besides from the pound causing immediate storm waves and the political parties in meltdown, there have been no immediate catastrophic changes to our individual lives but is that only because we haven’t started the leave process yet? Are we just in the calm waters before the big storm?

Here are some of the answers to the many questions our Debbie Matthews has been asked about the UK leaving the EU:

How did we all vote in the EU Referendum?

Those in favour of the Brexit throughout England and Wales voted to leave the EU securing 53.4 per cent at the ballot box.  Scotland and Northern Ireland however resoundingly voted to remain with both countries voting 62 per cent in favour of keeping within the union.

Have the warnings about Brexit been right?

The fall in the value of the pound against the foreign currencies none more so than the dollar has been dramatic and in many respects destabilising to UK trade.  Sterling has lost more than 10% of its value against the US dollar since Brexit.  Britain lost its prized AAA credit rating and the Bank of England announced measures to stimulate the UK economy by way of cutting interest rates quite substantially.  This is very good news short term for borrowers but not so good for people who save.  The Bank of England may consider raising interest rates in the future in order to release some pressure on inflation.

Brits also suffered as an immediate rise in the cost of travelling abroad was felt in the aftermath of the EU result.  Imported goods will become undoubtedly pricier, which means food and clothing, and we will start to see these price increases next year.  Easyjet and John Lewis are just two major UK employers to report the pound’s fall has increased their costs already!

Who will negotiate Britain’s exit?

Theresa May has set up a new department within Government which is to be headed by Conservative MP David Davis who will plan our exit and try to negotiate new international agreements with the other member states.

Will immigration be cut?

It is thought that one of the main reasons behind why so many English voters wanted to leave the EU is because of their concerns surrounding immigration.  Our new Prime Minister has said she is committed to net migration; this is the difference between people entering into and leaving the country.  Theresa May wants migration down to below 100,000 difference a year.  Currently, it is at 330,000 a year (this comprises of 184,000 being EU citizens, and 188,000 being from outside the EU).

The problem with this is whether other EU member states will grant the UK access to the single market whilst at the same time being allowed to restrict the rights of EU citizens to live and work in the UK.

Can I still use my passport?

Yes you can, it is a British document and not an EU passport.  The colour may change, but apart from that your passport as you know it shouldn’t change significantly.

Can we ever come back to the EU?

What will happen if the UK leaves the EU and then decides to return?  Can it do this?  Well, yes it can but it will not have a fast-track return.  If anything, the return would be under more scrutiny than before.  The EU member states left in the Brexit wake may not feel too generous towards the UK and could effectively make the UK jump through several fire-lit hoops!

 

If you have any of your own questions about the United Kingdom leaving the European Union then email our Debbie at debbie.matthews@jameslegal.co.uk or Tweet us at @jameslegallaw (using the hasthag #jameslegalEU) and we will publish your question in our next EU update.


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