There are only days left until Brexit and the United Kingdom is braced for the potential impact of leaving the European Union. What is the impact of leaving the EU for British residents, and how will this impact on finances? Well the simple answer is, there will be no significant change to loan operations on day to day unsecured lending market. The biggest impact will be on the overall economy of the UK, particularly if a No Deal is implemented. Some argue it will be better for the UK, and some vehemently oppose this point of view. Some do however believe it will be better for the UK to leave without a deal and the simple answer is, we do not know!
Michael Gove is heading up the No Deal project and reports indicate that there are billions pf pounds put to one side to help manage a No Deal scenario. Here at United Kingdom Loans we believe that Britain will leave the EU on the date that has been agreed, but with a version of the deal that Theresa May initially put on the table way back when she led the country. This could however change, and will ultimately be dependent upon what Boris Johnson can negotiate.
In terms of the impact on finances, work is being carried out behind the scenes to ensure that there is minimal impact on the economy. With regards to the United Kingdom loan sector, very little will change. Loans will still be available across the UK and leaving the European Union on October 31st will not have any impact on lending. Although it could be argued the overall finances of the country will be hit, if the UK leaves the UK without a deal, there will not be any impact on the day to day lending operators.