3 Ways You Can Make the Best of Brexit!
Brexit, the exit of Britain from the European Union (EU) has taken the world by surprise. Around 52% of British nationals have voted in favour of Brexit to allegedly set their country free from the troubled euro-zone economy, rigid rules and higher charges imposed by the EU. This historical transition is led by Ms. Theresa May, the 2nd woman Prime Minister of United Kingdom (UK), and is due to be implemented by the three Brexiteers, Mr. David Davis, the Secretary of State for Brexit, Mr. Liam Fox, the Secretary of State for International Trade and Mr. Boris Johnson, the Secretary of State for Foreign and Commonwealth Affairs.
Though democratically decided, Brexit has caused British expats in the United Arab Emirates (UAE), and the rest of the world to raise their brows about its implications. While over 100,000 British citizens living in the UAE are worried about what this split would mean to them, European think tank, Open Europe seems to have an optimistic outlook. They feel that even in the worst-case scenario, UKÔÇÖs economy might lose only around 2.2% of its total GDP by 2030 which is far less in comparison with the recession of 2008-09, where UK lost around 6% of its GDP.
Imbibing the optimistic vibe, letÔÇÖs see how British expats in UAE could make the most of this Brexit scenario.
Rush to Remit
On hearing the Brexit decision, the Pound Sterling fell to a 31 year low, which means that Dirhams are going to be worth more. So make hay while the sun shines and send money while the exchange rates are still low.
UAE Exchange, the reputed provider of money transfer services in UAE, has reported an eight fold increase in remittances during this slump. So send money to UK and gain through the poundÔÇÖs weakness.
Lock and Buy More Pounds
With the summer vacation around the corner, you can lock the exchange rates, buy and stock more Pound Sterling and enjoy them later while travelling. There are several providers of foreign exchange services, who provide you with competitive rates and best deals in Forex.
Invest in Properties in UK
This is a great time to dip your toe in UKÔÇÖs property market. Buying is a wise decision at the moment. DonÔÇÖt sell any existing property now, just hold on and the economy will bounce back soon.
Though UKÔÇÖs economic outlook may seem a bit sceptical at the moment, there is no need to worry. The Brexiteers have two years to negotiate BritainÔÇÖs terms and conditions for withdrawal from the EU. Hence make the most out of this situation!
So whatÔÇÖs your take on Brexit?