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EU Referendum Remain or Leave

How To Make Your Decision

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.

  • Remaining in the EU essentially relinquishes immigration decisions to the EU. Meaning the EU, not the British government or public, will decide the number of immigrants admitted into the UK.
  • Remaining in the EU, gives the EU power to dictate and impose trade rules and regulations over Britain.
  • Total fees paid to the EU in 2015 were £5 billion. The original fee was £18 billion, less a rebate of £5 billion, minus EU spending within the UK of £4.5 billion.
  • The European Union Economy has not experienced growth over 2% since 2012, making it the worst performer compared to all other continental economies.
  • The UK is the fifth largest economy in the world but has not achieved over 1% of growth any year since the recession.
  • The NHS is under financial duress, limiting services available to the public. NHS trusts have predicted a £2 billion deficit for 2016.

Risks (Positive & Negative)

  • Brexit could unleash economic problems, including volatility in the pound and euro values.
  • Brexit could lead to a rise or fall in interest rates.
  • Economic experts have differing predictions that Brexit will reduce trade from the Britain to other European countries or will increase trade by freeing Brits from bureaucratic regulations sanctioned by the EU.
  • Brexit may disrupt peaceful relations between the Britain and other EU members.
  • Remaining may lead to an influx of several thousand migrants into Britain, potentially putting further strain on public services.

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.


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