“Brexit” is short for British exit & involves the United Kingdom’s decision to leave the EU (European Union). The European Union is a political & economic union of 28 countries which trade with each other & allow citizens to move between countries to live & work.
Why is the UK leaving the European Union?
A referendum was held on Thursday 23 June 2016 when voters were asked whether the UK should leave or remain in the European Union.
The Leave side won by nearly 52% to 48% but the exit didn’t happen straight away.
It was due to take place on 29 March 2019 – but the EU has now agreed to postpone this date.
Since the vote, there have been negotiations taking place mainly regarding the withdrawal agreement.
Here are some of the negative effects of Brexit:
- Taking your car abroad
If the UK leaves without a deal, you will have to request a green card from your insurer if driving to Europe after 29 March. These green cards are likely to be issued by an insurance company for free, but it can take up to a month to retrieve one.
- Driving permit
You will have to buy an International Driving Permit to drive in Europe, at a price of £5.50, with different ones required for France and Spain.
- Europian health insurance card
They will no longer be valid & buying travel insurance will become essential.
- Visas and travel
Visa-free travel to Europe ends, paving the way for possible £52 90-day visas. It’s arguably the craziest prospect of all, but if the Brexit impasse is not broken, British tourists face having to apply for a visa to visit most of mainland Europe.
If you were planning to take your dog or cat on holiday to Europe after a no-deal Brexit, you may want to think again after you have read this. All cat and dog owners (the documents also mention ferrets) will need to show that their animals are healthy – and produce new documents to support their animal’s health when they arrive in the EU. Pet owners will also have to show that their animal been effectively vaccinated against rabies by undergoing a rabies antibody titration test at least 30 days after inoculation, and no fewer than three months before they enter the European Union.
- Mobile phone roaming charges
Phone companies say they have no plans to reintroduce charges – but don’t rule them out either
- Pensions and investment
Retirees to Europe should worry about the future of their state pension, but private pension issues were largely resolved. The 200,000 citizens aged over 65 who have retired to the EU – half to Spain – still don’t know if their UK state pension will be updated every year after we leave the EU, or whether they’ll join the “frozen’ pensioners” in Canada and Australia who have seen their pensions shrivel.
- Bank accounts
The EU-mandated £85,000 safety net will remain, and the vast majority of UK account holders should be unaffected. The immediate impact of no deal on UK bank account holders is likely to be minimal, but the cost of card payments between the UK and the EU is likely to rise and processing times become slower.
In conclusion, these are just some of the negative effects of ‘Brexit’ that we have touched on however it is evident that we could see a major increase in our overall cost of living.