How will Brexit affect your finances?
 

Now that the result of the Referendum on whether the United Kingdom is to remain or leave the EU is known. I wonder how this will affect the financial circumstances of fellow members. As at now the UKP is US$1.33 and PHP63.00 and falling!

Re: How will Brexit affect your finances?
 

GBP>Ph will end up in the low 60s for the rest of the year and could dip below that into the high 50s for a short period. I assume the FTSE will fall like a stone, our Asian trading partners have already got the writing on the wall ( Japan - 8% others between - 3% and -7% ).

I did notice that during this morning BPI turned off their online bank account access link ( rest of their site was all working ), assumingly to prevent people transferring at 69 early this morning, I will be reporting this to the FSA.

Grim reading all round for any UK investments or private pensions followed by low exchange rates, belt tightening time I think.

Confirmed - UK will leave EU

Re: How will Brexit affect your finances?
 

Quite badly probably for some time. But well worth it and after a while it's D-ream's song from Blair's first winning election "Things can only get better" that I will be singing.

Re: How will Brexit affect your finances?
 

I'm going to retire to Sipalay and move in with Pete's misses sister.

Re: How will Brexit affect your finances?
 

It's going to hurt and all the Brexit voter are going to wonder why. Another case of the gulible being lead by the stupid.

Re: How will Brexit affect your finances?
 

I agree with you.

Those that will be hurt will be the blue collar workers that voted for it.

Re: How will Brexit affect your finances?
 

You should move in with Pete, you get free accommodation, water, electric, food and WiFi and as long as he keeps away from that watermelon you should be alright.

Re: How will Brexit affect your finances?
 

I reckon the Brexit vote should be the best of 3. Or unplug the UK and plug back in again and see what happens.

Anyone can move in with waddly sister and little worm boy.....as long as you close the bloody gate after you....


Regards

Pete

Re: How will Brexit affect your finances?
 

Despite my forecast of doom and gloom earlier I think for us here we will struggle for a while or longer but I think in the end we will eventually profit from the exit, if we live that long. If not and it all goes pear shaped we can always join Pete in Sipalay.

Re: How will Brexit affect your finances?
 

Just checked BPI and current rate is 64.7. so not as bad as it could be. Be interesting to see how it fluctuates over next few days.

Re: How will Brexit affect your finances?
 

When it did open for trade again yesterday I got 66.1

Re: How will Brexit affect your finances?
 

I will invest in oil stocks and others that are valued in $ and any increase in the value of the $ will mean I buy more £.

Yes I am risk aware

Just taking a near 10% dump on income has given me the sheetttzzzz

Re: How will Brexit affect your finances?
 

Still at 64.70 this morning. so no major worries at present. May change next week.

Re: How will Brexit affect your finances?
 

I think currency speculators will be buying back in as Exit takes a minimum of two years and all funding arrangements stay in place until that time. In effect no changes at all for next two years.

I could be wrong....yet again!!!

Re: How will Brexit affect your finances?
 

£ = 67.8 this evening on news. Knee jerk over?

Regards

Pete

Re: How will Brexit affect your finances?
 

Pete, Which news was that, BPI and Forex are both showing low 64 GBP>Ph

Re: How will Brexit affect your finances?
 

CNN Philippines this evening. BPI still showing 64 as you suggest. Interesting to see what it is tomorrow morning.....when I get my monthly transfer from the UK...

Pete

Re: How will Brexit affect your finances?
 

With CNN Ph the rate will be Fridays rate, just above the rate you will see a date and that will be Fridays. That will be there until about midday Monday.

There is grim news regarding exchange rates and private pensions coming out of the UK, even from pro Brexit campaigners.

I have spent most of the last 48 hrs reading the prognosis for the Exit and despite many so called experts have no clear idea what will happen the general consensus seems to be is that everything will stabilise over the next few weeks and then basically start to go South once the EU put their final and only offer on the table, of which the UK will have two choices, take it or leave it. Not sure if I am lucky or not but all my pensions ( private and government ) are from Norway, Sweden and Denmark and up to now seem to have held their own but I am sure Monday will adjust that.

Re: How will Brexit affect your finances?
 

Thanks Stokkevn for putting that straight.

Better tighten the belt....again

Regards

Pete

Re: How will Brexit affect your finances?
 

Any suggestions on how to explain to my wife that her pocket money will take a hit because of Brexit. PS she has lived in the UK for nearly 30 years ( 2 years longer than me ) but yesterday asked me what the EU was.

Re: How will Brexit affect your finances?
 

Hi Stokkevn, your wife is in great company because, in the 24 hours preceding the referendum, the most searched for term on Google UK was "What is the EU".

Re: How will Brexit affect your finances?
 

I saw that on CNN and Asia news. Brilliant that our lives have been changed by people who have no idea what they are voting for.

Security I am not worried about as more info exchange is better regardless where you come from, trade I am not so worried about in the long run as the UK imports nearly 20% of the EU exports most of which could be provided by our commonwealth countries. The service industry could/will struggle with reduction.

On the positive side I think someone has won a football match, no idea who or when.

Re: How will Brexit affect your finances?
 

The exchange rate has dropped to 63.1. Nightmare!

Re: How will Brexit affect your finances?
 

Don't be surprised if the Pound is driven much lower this week as the Chinese and Indians will use this device to invest in he UK at significantly lower costs.

Re: How will Brexit affect your finances?
 

Surely it went down this morning because the Asian market is divesting in the UK right now

Re: How will Brexit affect your finances?
 

I'm still grimly holding on to the idea of the fall in the exchange rate being a price worth paying.

I don't have a problem with the idea that some people didn't understand too well what they were voting about. They probably had a vague idea and that's good enough for me. On the people Googling up to the last minute - well, better late than never!

A BBC reporter interviewed two middle aged men in Leicester who never vote in elections - until now. There must have been many others like that.To me that highlights the problem of the UK voting system. A change to it was voted down in another referendum a few years ago. After this there might well be more support for some sort of change to make more votes count. Unfortunately, that would need yet another referendum!

But let's also spare a thought for those Filipino Expats in the UK.

Re: How will Brexit affect your finances?
 

Simon, The Asian markets will divest with the view of making a killing later. Much pain to come unless there is evidence of decisive leadership from the UK Govt. Cameron has been labelled the worst PM in a 100 years (The Torygraph no less) and Corbyn is a second Michael Foot. What will George Osborne say at 08.00 BST?
The fun has only just begun!

Re: How will Brexit affect your finances?
 

I believe that EU was googled so much was because the British people wanted to make an informed opinion before casting their vote on this historic referendum. To comment otherwise is mischief making.

The shame is the 8 million who did not vote. I believe that those who were unsure or did not vote would have voted remain....the safe option.

I saw the Governor of the The Bank of England making a statement last night saying that he was prepared for this and arrangements were in place in case of this eventuality. We shall see....

Pete

Re: How will Brexit affect your finances?
 

It's coming out now that a lot of exit voters voted so as a protest against the government. Didn't think to deeply about the consequences I suspect. Places like Hull which has been largely rebuilt on EU money heavily volted out, aim foot shoot.

Re: How will Brexit affect your finances?
 

The PNB in London is showing 63 this morning. Ominously the BPI Europe in London is still showing Sunday's rate of 64.7.

Whatever George Osborne says today it's a good idea in my view to plan on the basis that the pound will remain at least around its present levels for some time. If things turn out better than the consensus expects - and there's been a number of those surprises lately - we will have a bonus.

It's a long time until until the Conservatives get a new leader. Interestingly, Boris Johnson is now making overtures to the Remainers and that may help.

Can I just move on to a different angle on this? This won't be relevant to all British Expats here, but for those of us on a fairly tight budget, possibly looking at our incomes around 10% down on a few months ago with the situation possibly persisting, what sensible economies can we make in our household budgets?

Live on sardines? Give up KFC for Jolibee? Buy 2 ply toilet roll rather than 3 ply? Or even just use the sprayer!

Joking apart, I will kick the ball off with a suggestion for those who do a fair bit of texting of mostly short messages every day. If you have a device connected to the internet you can use the free text site Send Free SMS | Unlimited Text Messages Worldwide. I've been using the service for some time. Not too difficult or slow to use, once you get the hang of it. I've checked it works quite a number of times and it always seems to - unlike a couple of others I tried. Saves having to buy cell load so often,too.

Re: How will Brexit affect your finances?
 

That would push the price up.

Re: How will Brexit affect your finances?
 

I think the biggest threat at the moment is the Philippine government suggesting that they will pull out of the reciprical arrangement.

Re: How will Brexit affect your finances?
 

If that happens then bang goes the annual increase!

Re: How will Brexit affect your finances?
 

Thanks Raffin. Just tried it and it works a treat!:goodpost:

Re: How will Brexit affect your finances?
 

Where did you see this suggestion?

Re: How will Brexit affect your finances?
 

Lucky I don't get any UK pensions then

Re: How will Brexit affect your finances?
 

Millhouse, yes after they make the killing

Re: How will Brexit affect your finances?
 

I read it somewhere a couple of weeks ago, can't remember where. May have been in a Philippine news paper.

Re: How will Brexit affect your finances?
 

Could not be happening at a worse time for me, as I'm leaving UK in August to Lucena .... and my GF will be moving in to our house after some "pervy" neighbour drilled into her nipa hut to watch her etc etc..... from July 1st. All my set up costs have now risen by 10% grrrrrr Star A/c says 63 today ...... better than last weeks low but still about 5 less than I had hoped ..... Jolibeee and bubblegum it is then :)

Re: How will Brexit affect your finances?
 

Or maybe this from BBC

For example, at the moment, UK nationals claiming their state pensions in other EU countries benefit from annual increases. The same is true of some other countries outside the EU with whom the UK has social security agreements. But in many other countries, UK pensioners do not receive increases each year, which means that inflation reduces their spending power. It is not certain that UK pensioners in the EU would continue to get their annual increases.
Similarly, some UK nationals living elsewhere in the EU are entitled to state healthcare funded by the UK government, which would be open to negotiation.