It’s a leave vote – but please don’t panic
Written by E4E Editor on 24 June 2016
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It’s a leave vote. The fears of many have been realised. But it is not the time to panic, nor is it the time to make rash decisions.
While there is a lot of completely justified concern for expats in the UK and abroad about what happens next, the most important thing is that nobody makes major decisions without speaking to an expert.
There are plans being put in place by the Government and the Bank of England to minimise the impact that this shock result has had across the world, but especially to those who live and work abroad and are immediately affected by the decision to leave.
First of all, the rules won’t change overnight. In fact, if you are working or retired, living conditions will not change. We haven’t actually left the EU yet.
Before that happens, the UK Government has to invoke Article 50 of the Lisbon Treaty, which sets a clock running before the UK makes the final cut – which takes at least a couple of years. The Government is unlikely to take that action immediately.
Also, no expats and non-residents will be required to leave their country of residence at any time, even after the exit has been completed. Your rights to live there are protected and you will not be required to leave.
Ultimately the major concerns are financial.
It is true that the pound has seen a significant devaluation in the immediate aftermath of the vote result, which means that if you earn in GBP and live abroad things are more expensive. But this may be a short term impact, and the Bank of England working with the Treasury and HMRC will announce measures to curb any further fall.
If you are working abroad and are earning in GBP, it would be worth discussing with your employer the option of drawing a salary in your local currency.
We expect a number of announcements over the coming hours and days from the Government and we will endeavour to update this article as and when things become clearer.
The first being that Cameron will leave by October.
Our team of experts are here to listen and talk to you and while they won’t be able to answer every question, they will be able to explain possible scenarios and help you make sensible decisions based on their extensive knowledge. Please be aware that they are going to be extremely busy, so please have patience with us as we attempt to help as many people as possible.
Ultimately, our message is not to panic. This is not the end of the world, merely the beginning of a new era in the global economy.