Brexit: a week on

BrexitLast week’s vote to leave the European Union was a big milestone in the UK’s history, and, understandably, has brought with it some uncertainty. 

Here at Experian, we’ve been working with people and businesses through times of prosperity and times of uncertainty for many years.  And while we understand that uncertainty can be unsettling, our message is simple – don’t panic. In particular, don’t make rash decisions about your finances and always consider the pros and cons of any financial decision you have to make.

Many of us are wondering what might happen next, when, and how it might affect us, so let’s take a closer look at the situation.

What does leaving the EU mean?
One of the basic elements of the EU is that all the member states (of which there are currently 28) make up a ‘single market.’ This guarantees the free movement of goods, money, services and people; basically as if the EU were one country. However, beyond being simply a trade association, the EU is a form of government and so has some legal powers over its member states, so there are some UK laws that have their origin in EU law.

Last Thursday’s vote was specifically for the UK to leave the EU. However, the decision does not rule out the possibility of the UK having access to the single market for trade purposes (European Economic Area). The Government could, for example, opt to try to negotiate a similar model to Norway, which is not part of the EU but is part of the EEA which gives them access to the single market.

It is in the interests of the UK and the rest of the EU to negotiate a compromise that works for all countries, but at this stage – and until the new leader of the Conservative Party is elected – all options are on the table from the UK’s side.

What’s next?
For the formal process to begin for the UK to officially leave the EU, the UK Government must invoke Article 50 of the Lisbon Treaty . Article 50 effectively starts the clock on a two-year countdown, after which the UK leaves the EU. During this time, the UK and the EU negotiate the details of the UK’s new relationship. However, following David Cameron’s resignation the country first needs a new Prime Minister in place to lead these negotiations.

A Conservative leadership election is now underway with the candidates confirmed as Theresa May (Home Secretary), Michael Gove (Justice Secretary), Stephen Crabb (Work and Pensions Secretary), Liam Fox (Former Cabinet Minister) and Andrea Leadsom (Energy Minister). A new leader of the Conservative Party and Prime Minister is expected to be announced on September 9th. The new Prime Minister is then at liberty to begin the Article 50 process.

What to keep an eye on
The next few months are going to be very interesting and that’s before we even begin formally negotiating to leave the EU. There are a number of key things that we can all keep a close eye on over the coming months that may affect us and our finances:

  • Interest rates could be affected. Whether they rise or fall will impact different people in different ways.  For example, lower interest rates might mean better deals for borrowers, but savers might suffer, earning less interest on their money. If you have a tracker mortgage, you might find your mortgage payments fall if interest rates come down.  If you are about to get a mortgage or re-mortgage, or apply for a large loan, ensure you are getting the advice you need and check your credit report early to make sure it’s accurate and up to date and paints the best possible picture of your financial situation.
  • Exchange rates change regularly, and are likely to continue to do so, meaning you’ll get more or less for your pound depending where you travel.  Since the referendum result, the pound has weakened against the Euro and the Dollar; however, there are still many countries that offer good exchange rates for British people travelling abroad. Wherever you choose to travel, make sure you shop around before you go on holidays and secure the best rate you can in advance, rather than just turning up at the airport and hoping for the best.
  • Inflation may rise, which could mean changes to the cost of living, which could affect your disposable income. Make sure you know how and where you’re spending your money. This will help you understand if there are areas you can cut back on so you can confidently manage your finances and put some money aside if you can afford to.
  • Property prices could change in time; however, in the immediate future, it’s looking unlikely that property prices will rise, which could be good news for first time buyers looking to get on the property ladder.

We think we should use this time as an opportunity to take stock of our finances.  It’s the simple things like checking how much you have coming in and going out each month, what you’re spending money on, and knowing the interest rates on your mortgage, loans and credit cards. By doing this, you can get an overall picture of where you stand now, which will help you make better, more informed decisions. Things will eventually become clearer, and we’ll be here to support you every step of the way.

Most of us have lived through periods of uncertainty, both in the UK and in other parts of the world, and we’re fully confident we’ll come out the other side. It will take a while for things to stabilise, but we have no doubt we’ll get there. And during the good times and periods of uncertainty, our commitment to you and all of our customers will remain the same as it’s always been: to help you understand, manage and improve your credit report and help you get access to the best financial deals you can afford, whatever unfolds in the future.

45 thoughts on “Brexit: a week on

      1. James Mercer

        Please discontinue any Direct Debit arrangements you have on record for me.

        Mr Jim/James Mercer

      2. Noralba

        Thanks for your analysis it is very optimistic and hopeful… but in the words of Ellie Goulding’s song “anything can happen”

  1. Clare

    Thank you for this read up… really interesting. It’s always good to know things. Half the stuff I read they make it so complicated I’m none the wiser.

    This was to the point and clear x

  2. Steve Jones

    What an absolute waste of time. The advice contained within your posting is so bland, uninformative and useless that I am no interested in receiving more drivel from your organisation.

    Please remove me from future, non relevant emails, forthwith

    1. CreditExpert Joe

      Sorry to hear you feel this way Steve, to unsubscribe from a WordPress blog you will need to do this yourself either in your profile settings, or there should be an unsubscribe link in the emails sent. Regards Joe

    2. CreditExpert Joe

      Hi Steve, on top of my previous comment, if you would like to be removed from all Experian mailing lists, please email me on along with your name, date of birth, ref and address. I can then get this actioned for you. Regards Joe.

  3. Stephen leak

    I voted leave now we need to ack on it and get the brexit set now so we can get on with are own things

  4. James Crawford

    I thought this email was very helpful in explaining things in a simple way.

  5. Kris

    I’d just like to say thanks for posting this, it’s one of the clearest explanations of what leaving the EU means and what the consequences of that could be.

  6. zia

    Looking at the comments for the future leadership today. There is the slight possibility that conservative could end up stopping free movement of migrants into the uk.

  7. david Platt

    Thanks for such a levelled report and factual rather that what is being report in the media. lits of scare stories and negativity floating about.

  8. Worrell Morris

    Thank you for this information, I’m about to buy a house for the first time. Information here explains a lot, Thank you.

  9. Colin Harris

    There has been many comments made that the Government will now decide to stay in or out of the EU. With many Government Ministers wanting to stay in the EU will we see a reversal of the decision made by the electorate?

    Who will take that decision in the best interests of the U.K.

    Who ever they may be, they will need to be strong and try to unite the electorate.

    Colin Harris

  10. Carolyn Smith

    A sensible and balanced article.
    We need to take an optimistic view and get on with things, whether or not we voted for this outcome. It’s very easy to affect the economy negatively by talking it down – a self-fulfilling prophecy.

  11. colin rose

    there has never been a crystal ball from which to guarantee the future no matter how much we would like one . this is a time for all of us to use common sense and rational thought in working together for the benefit of all . what we must do is not listen to silly, wild and irrational comments by the media or politicians with a ulterior motive. so please keep talking common sense credit expert


    Have reassessed my financial outgoings for the forseeable future and therefore wish to cancel my monthly subsription with you.Thank you for your help in the past.

  13. Andreas Androulidakis

    Great article great advise we all have to study and keep it always in the back of our minds this transitional times. UK can and will overcome the difficult times and make things happen for all of us who live in this great country those who vote no and those who vote yes everyone we are one nation and we need to stick together and allow democracy triumph

  14. Claire Nequest

    Hi good optimistic article. However, grammatically incorrect. Please do not start sentences with the word ‘and’.


  15. George Mccaul

    I read your comments with interest, although most of the the items I was aware of,you explained it a clear easy to understand way Thank you.

  16. Valerie Kendall

    I agree – a very straightforward explanation of the issue. I have already unsubscribed from Experian, however, just because I don’t need your service any more, which isn’t a criticism of it.

  17. Ricardo

    Hi, well I think I just been robed of the future 15 years
    Working hard and training even harder to nothing, just looking on to move to switzerland or Luxemburgo and I belive most professional qualifaied hard workers will do the same, house will go down on price and wen people notice the relationship with EU will be running back at a prime cost for a new membership including harder changes and euros as currency, EU is not a dictatorship but a union maid of diffrent country working on a daily bases to make a beat her understanding of quality and laws is not the EU law is all of us we are all there and the votes give the authority also, working as one big entity gets us beat her deals on markets against larger country’s so I belive we are beat her on together instead of small individual country were no attention will be reflected from the market but this is the world we living in for the moment

  18. Michele

    I enjoy reading this post. It was well written and
    Worthy of my time. You didn’t have to try to help us understand. It was very kind of you and your organisation to pay it forward. Thank you Darren Beach.

  19. Brian Owen

    I found the article very clear and informative unlike the ramblings of the powers that be. 10/10. I do look at my bank statement and wonder wether my subscription is justified by what I get in return? Maybe I am ignorant about the services and tools you offer.

    1. CreditExpert Neil

      Hi Brian, thanks for getting in touch and for your great feedback about the blog.

      There are a number of services that are provided as part of your CreditExpert membership including unlimited access to your Experian Credit Report and Experian Credit Score. You also receive fraud monitoring with alerts, guidance to improve your Experian Score and access to our UK call centre. You can find out more about the services offered in comparison to a statutory report here.
      Kind regards
      CreditExpert Neil

  20. Richard

    I want to thank you for a good post that is relevant to those of us that need putting in simple terms that make us aware of what may happen to our financial affairs now that we are leaving the EU.
    On another note though, For those that are wanting to cancel their membership I would suggest that you make it clear in your emails that they go to the link you have had to repeat a number of times above.
    I joined a few years ago and got the information I was looking for and asked to cancel within days, however now I have renewed I feel I am more aware of what and who can help or hinder my finances.

    Cheers and keep up the good work, stay positive and remember not everyone shares the views of the negative people !

    1. CreditExpert Neil

      Hi Richard thanks for your feedback, I will make sure it is passed on to our Product Team.
      I’m glad to hear that you have been finding our service useful since you re-joined!
      Kind regards
      CreditExpert Neil

  21. Sandy Bromley

    Thank you for some calmly thought through information. From those of us who remember the ERM debacle (yes, I’m one the old voters) we came through that and we’ll come through this. We stand at cross roads and people should take a view that it will not be all doom and gloom. The UK will have to adopt a pragmatic view and not a stubborn stance. You never know in the not too distant future we might be thinking Brexit wasn’t the chasm we were sold just as was the case after ejection from ERM!

  22. Nicola M Whittaker

    Ivoted to stay but i am happy with the leave vote mayge we need to pull our socksup and stop takeing it like a ++++.


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