Four in 10 expect to be worse off as a result of Brexit

Marina Gerner
19 December 2017

While Brexit negotiations seem as though they are about to start making some progress at last, new research reveals that two in five Brits think they will be worse off as a result of Brexit.

Online research from Equifax reveals that 39% of Brits expect Brexit to negatively affect how they access and manage their finances. Only 19% expect Brexit to have a positive impact on their finances.

Almost a quarter of those who are currently employed believe Brexit will worsen their employment situation, with potential job losses, pay cuts or reduced hours; only 5% of people think it will improve their employment situation. 

Among those who are self-employed, 26% expect Brexit to negatively impact their business, in contrast to 8% who are positive about the post-Brexit environment for their business. 

Of those respondents who expect Brexit to negatively affect their finances, 34% believe it will be more difficult to secure a loan or mortgage.

Jake Ranson, banking and financial institution expert at Equifax, says: ‘These findings highlight the very real consumer concerns and confusion about the impact of leaving the EU on finances. 

‘With conflicting information circulating on the issues of job security and the level of economic fallout, people are feeling very anxious. Exiting the EU is an incredibly complex process and so it’s important that people take steps to manage their finances in anticipation of unpredictable changes ahead.’

Given that inflation has reached a new high at 3.1% while wage growth has been stagnating, consumers’ disposable incomes continue to be squeezed. That adds to the insecurities surrounding the results of Brexit, which is due to happen on 29 March 2019.

This article was written for our sister magazine Money Observer.


In reply to by anonymous_stub (not verified)

Not surprising that people are worried about brexit. The Centre for Economic Performance has reported that UK households are more than £400-a-year worse off as a result of inflation caused by the brexit vote. The Financial Times estimates that the brexit vote has cut UK output by 0.9%, or £350m a week - how ironic, wonder if brexit would have won if that was written on the side of a bus. We're not out yet, still time to stop brexit.

In reply to by anonymous_stub (not verified)

Great news... so the 52% Leavers versus the 48% Remainers at the referendum appears to have increased to 60% 'Better Off' versus 40% 'Worse Off' looking ahead to Brexit. Strange how your report doesn't reflect this unless of course you are biased towards the Remainers and or members of The Elite class.

In reply to by anonymous_stub (not verified)

Obviously written by a 'Remoaner' - talk up the negative why don't ya - the Equifax report clearly shows far more people positive about Brexit than negative. What's the matter with you people? The decision's been made, go with i & put your effort into making the UK great again or 'if you can't say anything nice, don't say anything at all', as my ol' mum used to say.

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