Since the referendum result that will see the United Kingdom leave the European Union, there has been a great deal of uncertainty about what this will mean in financial terms. To some extent, this was predicted and the Bank of England has said that they are prepared to be able to keep the economy strong during this uncertainty. This means that the impact on finances may not be as bad as was predicted.

Investments

If you investment or pension is invested in the stock market, then there is a risk that the value of these could fall in the short term, as the FTSE and other markets around the world have taken a hit. Again though, no one can say for certain what the long term outlook is, and it can by no means be stated with certainty that these values will not begin to rise again as the situation becomes more stable.

Currency

As soon as Brexit was announced the price of the pound fell against the euro and the dollar, and it was quite a sharp fall. This means if you are going on holiday soon, you may not get as much foreign currency for your money as you would have done before the referendum. However, since then the price has started to go back up again, so it is possible that this is only a temporary blip.

Savings

Savings rates have been fairly low for a while now, and Brexit is unlikely to do anything to increase these rates. The Bank of England may choose to keep interest rates as they are, or may even lower them further to encourage people to spend and boost the economy. Want to know what is the difference between free zone and offshore companies?

House Prices

Whether Brexit will help or hinder with buying a house will really depend on your personal circumstances. If you already have a mortgage and house prices drop then you could find it more difficult to move as you will have less equity in your home. First time buyers may find it a little easier as they will need a mortgage with a lower value, which may be easier to qualify for. Perhaps the most important thing to remember is that no one can say for certain what the financial implications of Brexit will be in the long run. It is very much a case of wait and see, and to take any action you think is necessary as the situation arises.