23rd June 2016
Unless you’ve been living in a cave for the past several months, you’ve been bombarded with news, polls, and fierce debates about the upcoming EU Referendum vote. Whether you are swayed toward leave or stay, one thing is for sure, both sides of the argument are intent on scary the living daylights out of the public as a means to get votes. The remain camp warns of financial and trade cataclysms if we leave, the leave camp warns of mass immigration of less than desirable people if we stay, and even the high street banks will have staff working overnight on the 23rd to deal with client enquiries following the results. The Lenders List is not campaigning for either side, but we are campaigning for logical, objective sentiments, free of fear mongering.
With regards to the consequences of the referendum result, Martin Lewis of the site moneysavingexpert.com said it best, “Anyone who tells you they KNOW what’ll happen if we leave the EU is a liar.” He is absolutely right; we are in unchartered territory. It is this level of uncertainty which has given rise to panicked politicians and media outlets. So to remain objective, let’s look at what is known, the facts, versus what we don’t know, the risks.
Remaining in the EU will allow Brits to continue to move freely and work in other EU countries.
The potential risks posed by Brexit are all over the place. Mainstream news outlets will feed you both the positive outlook and the doomsday approach for either campaign so your vote really comes down to your confidence in your country. If you believe Britain is strong enough to stand on its own and has the economic might to be successful independent of the EU, then you will likely favour to leave. However, if you genuinely believe that entry into the EU is a vital economic crutch that determines the realisation of economic growth, than you will likely want to remain.
Whatever the decision, the vote will probably give the market a small shake up at least. During times of economic uncertainty, you should do what you can to protect yourself financially. Continue to reduce debt, borrow money responsibly, create a budget every month, and overall practice frugality. You can check the Lenders List every week for tips on how to save money.