Will a Brexit deal put the political chaos killing the UK’s personal finances to bed?

In the past hour, the Prime Minister and the EU have struck a deal outlining the future relationship between the UK and the European Union. With 10.5 million Brits claiming that they are in the worst financial position of their life during the three years since the initial referendum result, the state of personal finance in the UK has been seriously neglected amidst the Brexit negotiations within the House of Commons. Now a deal has been struck, insecurities can start to be addressed.

The British economy has continued to flat-line, with confidence worsening, as investors and businesses alike were left in limbo during the war-like infighting pursued by the rival factions in Westminster. Last quarter, the British economy witnessed negative growth for the first time since 2012, with many commentators believing political uncertainty as the key reason for this decline. Now a deal has been struck, it is imperative that confidence is restored and further political antagonism is avoided.

In addition to this, FairMoney.com can unveil 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
  • One in five women in Britain feel that their mental or physical health has suffered as a result of financial stress
  • Over an eighth of Brits -15%- believe that financial issues have caused strain in their marriages or relationships

Now, Dr Roger Gewolb, Founder and Executive Chairman of FairMoney.com – Britain’s leading fair loan price comparison site, is imploring politicians in Westminster to rally behind the government’s deal and deliver the referendum result.

“The will of our people, the vote of our democracy, was made clear three years ago, albeit by a thin majority. Since then, our predominantly ‘Remainer’ politicians have to varying degrees not carried this requirement of the people forward effectively. Now, the government has struck a new deal to appease previous “rebels”. Politicians in Westminster must reach across the aisle, vote for the deal and do what’s best for the national interest. I dread to think what will happen to the personal finances of those most vulnerable in the UK if this deal now isn’t passed in the Commons.

Should there be a rejection in the Commons, then I ask this: What is your plan? Have we seen the slightest mention of anything that will happen after 1st November if we get an extension and stay? People have criticised Boris for being more trouble than strategy, but what is the strategy of this incredibly diverse group of people, filled with personal agendas and self-interest, and how and if ever when will they agree on one? And, how will that be any different than the insipid agenda that Theresa May tried to put forward three times?

We will be stuck in an even worse and more risible position than we were with Mrs May; British public and especially the financially challenged British public, and especially those 14 million in poverty, will see their lives and their well-being eroded further, and probably exponentially.”