Brexit-What will happen?
Whatever your opinion on Brexit, whether you’re a staunch Brexiteer or a determined Remainer, there is one thing that is absolutely certain- there has rarely been a time in Britain’s long past that has so divided the British public. So whether you voted ‘for’ or ‘against’ Brexit during the referendum you’ll obviously be asking the question on everyone’s lips…How will Brexit affect me?
It’s a confusing time for both politics, individuals and businesses and certainly at this point in time, despite the Governments best efforts to broker a deal with Europe how it will all turn out currently looks rather uncertain.
Questions people are asking
From the time it was decided to leave the EU, the main question that many travellers have been asking has been; ‘What will be the impact on those travelling to and from Europe?
There have been numerous opinions from all the so called ‘experts’, yet no one knows for sure, as yet, what will happen once Brexit has taken place. It’s bound to take some time before the dust settles, however in the short term it’s unlikely that much will change for business travellers moving between Europe and the UK, although there could inevitably be additional bureaucracy if a deal with the EU isn’t forthcoming. Longer term, it’s likely that visas will be required for UK business travellers when visiting Europe, although this factor will undoubtedly be discussed during our withdrawal negotiations.
With regard to health insurance cards issued by the EU- these remain valid and passengers' rights will still apply. However when we finally leave the EU, those countries remaining will negotiate any future deals.
If a deal is struck, travellers to and from the UK will only need their passports to travel, so travel for meetings, conferences and other business purposes should not be affected.
Since the UK decided to exit the EU, a significant impact has been the drop in the value of the pound against the US dollar, resulting in the cost of travel and hotel rates possibly becoming more expensive. This factor alone might dissuade international visitors to the UK initially but there is also another factor to consider in that even if a deal is struck with the EU, despite visas not being required by European visitors, they will still need to travel on a passport, making it more difficult for them to come to the UK on holiday. At present all that’s required for EU citizens to visit other countries in the Union is a national ID card. Because of this passport ownership in countries with ID cards is far lower than in the UK. This could have a an impact on Britain’s inbound tourist industry, as many people won’t bother going through all the expense of obtaining a passport just to come here, especially when they have 29 other countries they can visit at a lesser expense. Furthermore, air travel in particular could be hit, as aviation fuel and airlines often deal in the US dollar, so fares will probably rise as a consequence.
This said though, Britain will still be a magnet to travellers, due to the wealth of fantastic tourist destinations around the UK and despite there being some potential setbacks in getting here, people will still want to visit. Tourism may take a little time to recover, but the current weak pound will help, as visitors will get much more for their money as their exchange rates will be better.
The question raised by many UK companies, is inevitably;
‘How will Brexit affect businesses within the UK?
Currently, any UK business exporting to Europe will benefit from the weaker pound, meaning both services and goods will be less expensive. However the weaker pound will have a few negative repercussions, and could cause losses for some industries. Yet the pound has bounced back steadily over the past year, and if the present rate of recovery continues it will almost certainly recover to its former value. However, because of the current uncertainty as to what will happen when we leave the EU next year, UK companies are understandably concerned about their future. Certainly Brexit does represent somewhat of a challenge to UK industries. Larger businesses and global companies will probably be less affected and should be able to absorb losses, if any, taking less of a hit than smaller enterprises. Alternatively, smaller concerns may be more exposed and vulnerable. Depending on the deal we get Brexit could cause them a few problems, although overall it’s unlikely that there will be a really noticeable effect on businesses. In fact, depending on the outcome of our negotiations with Brussels, leaving the EU could be really beneficial to our trade and industry and be very much to our advantage. The bottom line is that it will take a very hard Brexit to damage business too badly.
The work force for manual industries like construction have, for many years been supplemented by overseas labourers from Europe and indeed, further afield. This foreign workforce has given these businesses the opportunity to flourish, as foreign labour is often cheaper than British. When we leave the EU, there could be some repercussions in this sector due to new border restrictions laws which will undoubtedly be implemented. This may mean that ‘manual sector businesses’ will pay more for their labour, resulting in a knock on effect to the consumer. However it could ultimately open up more opportunities and be beneficial to British workers seeking such jobs.
A crystal ball would certainly come in handy at this point and the ability to see into the future would undoubtedly be an advantage, where the pros and cons of Brexit are concerned! What we can be sure of is
that whatever the outcome, good or bad, Britain will do its utmost to get the deal that best encompasses everyone’s interests. Brexit may not please everyone, and the final outcome remains to be seen, but the democratic decision to leave the EU has to be honoured and implemented.
What we all need to remember is that leaving the EU is very complicated and something that has never been attempted before, so we are breaking into ‘virgin territory’ so to speak, with regard to what will happen. We’re entering an era of great economic and political adjustment, the likes of which many have never seen before and we therefore need to make the most of this change. It may take a few years for us to leave the EU entirely, and nobody knows for sure, (not even the experts) how everyone will be affected. Brexit has a minefield of factors to consider, from the new border and immigration restrictions, to how international trade will be affected, so buckle up, get ready and embrace everything that Brexit throws at us!
In these uncertain ‘post referendum’ times for Britain, when Brexit negotiations lurch from one stumbling block to another, one thing is certain-the British people always rise to whatever challenge they are faced with. So whatever the outcome, we will get on with it and make the best of things.
What’s more, we here at Euracom will do our utmost to provide the outstanding service that we have always been renowned for. Our overseas customers, corporate clients, students and other travellers have said that Euracom provides incredible accommodation at the most affordable prices within the capital.
In the wake of Brexit, you can rest assured that nothing at Euracom will change. You’ll still be able to stay in quality accommodation, far less expensive than the equivalent quality hotel. You’ll still get the same level of safety and security features which are so important to our visitors, and you’ll also receive the welcome and home comforts that people have come to expect from Euracom. So even though there is change on the horizon, these factors alone should encourage you to visit the glorious city of London. Whether you are a seasoned tourist, corporate traveller on business or a student looking to relocate to London, there is something for everyone at Euracom. So why not give us a call today? Or check out our 3 featured serviced apartments below, aimed at students. You won’t regret it!
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These long stay student apartments are situated in the highly fashionable area of Shoreditch. Modern, stylish and affordable, they offer some of the highest standards of student accommodation within London. A perfect choice for students studying in London, being close to some of London’s top universities and near to trendy bars, the area boasts great transport links, allowing you to get around cheaply and easily. All apartments offer magnificent views of London’s skyline. For a weekly rate from £470 p/w, the Studio Vista student apartments offer unique accommodation, with high quality furniture and fittings for independent living. If you’re looking for a slice of luxury in central London on a budget, then these apartments are for you!
2. Student accommodation in London, Kings Cross N1
These newly refurbished apartments offer the perfect London student accommodation, being situated in central London, close to London universities and only a short distance from a range of shopping, eating and cultural treats. Only minutes away from London’s famous underground, making travelling easy, these fantastic, fully furnished twin studio apartments, sleep two and are equipped with everything the discerning student needs for studying and socialising. With 24/7 security, laundry/housekeeping services, excellent amenities like gym, study areas, friendly staff and stunning common spaces, a major advantage of these apartments is that the weekly rate starting from £460 includes all bills. Could there be a better student residence in London?
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Image attribution: Immanuel Giel [CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0)], from Wikimedia Commons