Brit Expatriates Still Fearful No-deal Will Prevent Access To Funds

Published:  15 Mar at 6 PM
Want to get involved?

Become a

Featured Expat

and take our interview.

Become a

Local Expert

and contribute articles.

Get in

touch

today!

As Britain’s parliament continues to demonstrate its appalling inefficiency amidst total chaos, fear and uncertainty still stalks British expat investors in Europe.

Although the risk of a no-deal Brexit now seems to be up to European lawmakers, its impact on both British expats overseas and UK citizens in general is still a cause for extreme concern if not out-and-out panic, especially where financial matters are concerned. In spite of yesterday’s vote to reject no-deal, it’s still the default option if May’s despised agreement isn’t voted in at some time in spite of the fact that the financial industry is urging its avoidance at all costs.

Ratings agency Moody’s are predicting inflation, a disaster for savers whose meagre interest rates aren’t covering the rise in costs already taking place. The only way to get a decent interest rate is to lock savings away for decades, an option which isn’t the best idea for returning expats, basic-wage earners and those nearing retirement. For Britons determined to remain in their chosen EU homes, the risk of not being able to access either their pensions or their savings is causing increasing concern. Britain’s Financial Conduct Agency has already offered the ability to keep trading in the UK following a no-deal Brexit, but the EU hasn’t seen fit to offer the same in reverse, with a recently-issued government paper stating EU-based clients of UK companies may lose both deposit and lending services.

At the present time, a good number of foreign financial firms are trading in the UK via ‘passporting’, with some offering competitive interest rates for savers, but a no-deal exit from the EU could mean the death of the FCA’s guaranteed protection against losses caused by bankruptcy. It’s just possible that a no-deal Brexit would force banks to come up with better savings rates in order to keep existing customers, as financial institutions rely on deposits as a handy source of cash for lending as mortgages and other loans. A scenario in which nervous British investors begin to withdraw their funds might well spur banks to increase their rates in order to keep reluctant savers happy. Even so, a spokesperson for the financial trade body is assuring investors they’re still working with the UK government to ensure a managed Brexit including putting in place contingency plans minimising consumer disruption should it all fall apart.

Comments » No published comments just yet for this article...

Feel free to have your say on this item. Go on... be the first!

Tell us Your Thoughts On This Piece:

RECENT NEWS

Celebrating Hanukkah In The Netherlands

As the year draws to a close and more and more of your daily life is conducted in the darkness of winter, the Jewish fes... Read more

Why The Netherlands Is The Best Place For Expats To Start A Business

Practica Coaching offers various coaching programmes, tailored to help you take that next step in your career or to help... Read more

How To Deal With Difficult People At Work

I was brought to tears by my boss once in my life. I was 21, inexperienced and a bit naive - just like a 21-year-old sho... Read more

7 Dutch Christmas Traditions To Incorporate Into Your Festivities

Whether this is your first Christmas in the Netherlands or you just want to start celebrating the festive season the Dut... Read more

How To Get A Car In The Netherlands: A Guide For Expats

Moving to a new country can be stressful. There is a lot to take care of, including transportation such as a car. Mobili... Read more

Dutch Tongue Twisters To Master Your Pronunciation

Learning Dutch is challenging - especially when it comes to the pronunciation - but if you really want to put yourself ... Read more