Chairman of FairMoney Says Brexit Is Causing Worse Financial Situation Ever For Many

Almost three years after the referendum, Brexit is still dominating the headlines. With only 8 days to go until Brexit, a constitutional crisis unfolded this week when John Bercow barred Theresa May from holding another vote on her Brexit deal, unless the deal is considerably different from the ones she has previously proposed.

The latest votes and delays continue to push people and business to the brink of their patience and financial means. Uncertainty in business affects jobs and communities that rely on one or two major industries or employers. Today, FairMoney unveils nationally representative research looking into people’s personal finances and how they have been affected by Brexit.

Key stats

• A fifth of Brits – 10.5 million - believe that they are in the worst financial position that they have ever been in
• Over half of Brits - 53% - said that their average disposable income per week is less than £0
• 22 million Brits - 43% of the population - don’t understand how Brexit will affect household bills
• 42% of Brits – 22 million - would care more about Brexit negotiations if it affected their house bills
• 30 million Brits - 59% - believe that Brexit will increase the price of food and produce in supermarkets
• 57% of Brits – 29.5 million - believe that Brexit will make European goods in supermarkets considerably more expensive
• Over half of Brits - 54% - believe that Brexit will have a negative impact on the cost of holidays

It is clear that individuals in the UK think the cost of many of their regular expenditures will increase after Brexit. 31 million Brits said they believe that Brexit will increase the price of food and produce in supermarkets and 28 million think that it will have a negative impact on the cost of their holidays. The effect of this could be monumental as 53% of Brits say that their average disposable income per week is less than £0.

Dr Roger Gewolb, Executive Chairman of FairMoney commented on the research, “The Brexit limbo is negatively affecting Brits and their financial situation. Many of us just need some degree of certainty so we can adequately plan for the future. The research that FairMoney is publishing today shows a bleak picture of personal financial situation, and I urge politicians from all sides to come together for the good of our bank balances.”