Hi. Welcome to the UK on Brexit Day. It’s a holiday to some and an anti-holiday to most of the people I know.
Bad News on the BBC
We woke up this morning to news of a currency crash.
The workshop I went to this morning was full of grief and frustration, and people are distraught at the coffee shop I’m at now.
What Happens Now?
My first thought was of the business I’m working on: Minor Oak. I have a location in Nottingham, England. There’s a lease ready to sign. Will the start-up costs be higher because of this? Will it be harder to find members?
Then I thought about the effects Brexit is likely to have on life in the UK. Higher prices on imported goods will mean more expensive food, fashion, electronics, furniture, building materials… everything, really. Everything except (possibly) property.
We’ll pay more for EU merchandise, but we may also have to renegotiate trade treaties with non-EU nations at a comparative disadvantage. With the simultaneous drop in the value of the pound, this could mean prices will go up significantly.
Then there’s the UK’s financial services sector, which is closely tied to the EU. It’s been supporting the British economy ever since manufacturing collapsed 30 years ago. The UK will no longer be the EU’s financial centre; a significant part of that sector will move to Germany.
That was a depressing line of thought, so I starting thinking more specifically about freelancers, entrepreneurs and remote workers. These are Minor Oak’s members and my colleagues. I came up with a list of tips…