What will a Boris Johnson premiership mean for Personal Finance?

Finally, after months of deliberation, we finally know that Boris Johnson has been successful in succeeding Theresa May as the next Prime Minister of Great Britain and Northern Ireland.

As it has been documented so prominently, the immediate focus of the new Prime Minister will be to resolve the Brexit deadlock to ensure a resolution is found; and not before time. FairMoney.com conducted nationally representative research called Brexit Broke Me, highlighting the catastrophic effect that financial insecurity caused by the last three years has had on the personal finances of Britons.

Key statistics from Brexit Broke Me include;

  • 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

Dr Roger Gewolb, Founder and Executive Chairman of FairMoney.com, has commented on the need to find a resolution to Brexit; “At long last this laborious process has come to an end. We welcome the news of a new Prime Minister and urge that the concentration of the country is fully focussed on resolving the Brexit conundrum. Our research at FairMoney shows quite demonstrably that millions of Britons are in their worst financial situation for years and quite frankly this process has taken valuable time from looking for resolutions to solve the Brexit issue.

Now that a new leader has been elected, for the good of the British people, we need to put the constant scaremongering that has dominated our political rhetoric on the back-burner, and get this country moving forward. This is not about personal politics, but for the good of the country. We need to ensure that the next Prime Minister can lead the country in a positive direction. That means restoring Great Britain’s mojo and getting our focus back.

The politicians in Westminster have a duty to remember that the British people voted to leave the European Union. A resolution must be found by the 31st of October, whether it be a new deal, Mrs May’s old deal, leaving, or remaining in the EU, otherwise faith in the political process will cease and financial situations are not going to be helped.

Instead what we will find is a continuation of this calamitous process that supposedly was meant to be over in March. If the financial services sector is still in a quandary over how they should respond to the ongoing news, you can bet your bottom dollar that the British consumers are the last people that will be on their minds.”